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Cheap labor in Asia
Asia is the world’s most populous continent and has offered global trade with cheap labor for over three decades. The development realized in wealthy Asian nations is remarkable, transforming uninhabitable areas into highly modernized metropolises within a period of fifty years (Chong, 2013). The Asian continent has exhibited commendable versatility in the face of crisis and adversity. During the 1997 financial crisis, the continent was able to recover robustly and even during the 2008 financial crisis, when its export oriented markets were severely challenged, China’s huge consumer market supported the economies in this vast continent (Chong, 2013). This research proposal seeks to look into challenges in accessing cheap labor on the continent in the face of highly advanced technologies, an aging population and a new generation of techno savvy population.
Advances in technology will indeed challenge Asia’s ability to conform to changes in the global labor market. Asia has strongly embraced technological advances such as smart phones, the internet, heavily automated industries and much more. Young people seeking employment in Asia’s factories will face greater robotic automated processes and 3D imaging technologies (Chong, 2013). How will they adapt to such technologies?
Education institutions in Asia are producing techno savvy graduates while the current work force is mainly dependent on an aging population. Better standards of living on the continent have also seen more young individuals disregard jobs that their folks were eager to perform (Chong, 2013). How will the continent adapt to such anomalies?
In the face of these challenges, this research proposal seeks to address such pertinent issues that are already being felt by economies on the Asian continent. The phenomenal growth of the continent has seen many of its economies thrive. The question is to determine how well the Asian continent will adapt.
Chong, F. (2013). Running out of cheap labor. Asia Today, November 11, 2013. Retrieved from http://asiatoday.com.au/content/running-out-cheap-labour