While a high level of formal unemployment has existed in Western Europe for a long time, Est Asian economies had avoided this until recently. Since the financial crisis of 1997-98, unemployment has risen among the challenges facing Esat Asian economies. A protacted economic slump in Japan, the restructuring of state industries and departures from the farms in China, and the decline of FDI in South East Asia are the main contributiong factors. This study asserts the new state of play, and compares Asian and European experiences in dealing with unemployment. Beyond broad differences between the two regions, there is more convergence than intially expected, as well as substantial scope for mutual assessment and cooperation.
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