The Jobs Crisis in Easter Europe and Central Asia (2007-2011) and The Assignment

The Jobs Crisis in Easter Europe and commutation Asia (2007-2011) and The Informal Labour Market in the Czech Republic(2012) - Assignment Examplethe recession, can be matt-up through four transmission channels, namely the financial markets, product markets, labour markets and government services. This report of worldly concern Bank particularly focuses on labour markets and the government services. The findings of the report clearly point out that the federal agent which can be attributed for the major decline of household welfare is the loss of jobs in labour markets. This menstruum had witnessed major job cuts in most of the industries (more in construction and manufacturing), which had directly impacted the households. The youth unemployment had besides reached record high in this period.The biggest disadvantage was, perhaps, long-term unemployment in the labor market. The workers, who could save their jobs, had also experience a contraction in their real wages as most compa nies started to cut back on the paychecks. The households began to cope by reducing their expenditure and increasing their labour supply to earn more. The reduction in expenditure was felt most in sectors of healthcare and food. The governments in most of the countries were aware of the plight of commonwealth in the economy and the government launched social assistance programs to help the poor of the country. However, the results of these were not immediately felt because of the bottlenecks that had existed in various sectors during that period. Therefore, there were delays in response of the programs to improve the plight of the poor (Ajwad, n.d.).The report had utilise the concept of GDP to measure the reduction in economic growth of the country and its consequent lay out on the labour market. GDP measures the total income gain domestically, including the income earned by foreign factors of production, whereas GNP measures the income earned by all residents of the nation, incl uding factors of production from abroad (Lochner, 2013). GDP was used as it captured the economic performance of the geographic region that is under study. If residents of the country