Unemployment Issues and Dynamic Determinants for Business Economics Landscape in ASIAN Countries

Unemployment issues constitute an unsolved problem across countries, as its determinant factors are dynamic or unstable, especially during the COVID-19 pandemic and the year after. Economic theories, especially the Philip Curve and Structural Unemployment, have highlighted the factors that need to be considered when reviewing any government policy on their labor markets, even though these issues might be reduced but have failed to mitigate the increasing rate of unemployment. This study investigates the relationship between the unemployment rate and its dynamic determinants in Asia regions, and whether such factors have the same impact or differ across selected countries. Secondary data is utilized for unbalanced panel data regressions. The data was collected from CEIC Global Database on, a monthly basis (n= 432 observations) from the year 2021 to 2023 for 9 Asia countries. The pooled regression result is consistent with the Philip Curve theory whereby GDP and inflation exacerbated the unemployment rate, while the individual panel for both regression, fixed effect and random effect, shows that the unemployment rate for Singapore and Japan follows the Structural Unemployment model.