Impact of the Global Financial Crisis on Human Resource Development in the SAARC Region: Lessons Learnt

Impact of the Global Financial Crisis on Human Resource Development in the SAARC Region: Lessons Learnt

Publication details

  • Tuesday | 23 Sep, 2014
  • Vaqar Ahmed, Samavia Batool, Muhammad Hamza Abbas, Safwan A.Khan
  • Research Reports,Project Publications
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Introduction

 

The study was conducted to analyze the impact of the Global Financial Crisis on Human Resource Development in the SAARC Region: Lessons Learnt. The Global Financial Crisis [GFC] primarily originated in the developed economies, developing economies, including those in South Asia, could not buffer for too long, from the adverse impacts of the crisis. Weakening in the budgetary position and the Government revenues, spending in the social sector development have slowed down, in most of the South Asian countries during the post GFC period. There is an evidence to believe that this has also led to a slowdown in poverty reduction, along with stag inflationary pressures in some of the South Asian economies in the aftermath of the GFC. The occurrence of GFC has already prompted many to believe that the center of global economy is now shifting to Asia. Given the significant proportion of youth in the population of SAARC economies, it has become vital to invest in HRD in order to realize the rise of the

'Asian Century'. Therefore, it is imperative to enhance cooperation amongst the SAARC Member States to reap the regional human resource potential. This study has investigated the impact of GFC on Human Resource Development [HRD] in the SAARC region.