Impact of the Global Financial Crisis on International Labor Migration and the

Abstract

Although it was feared that the global financial crisis would have an adverse impact on the country’s labour migration and associated economic benefits, these fears were not realized despite an initial decline observed in late 2008. Overall, the recruitment for foreign employment declined a mere 2%. The domestic labour market however, was adversely affected as was the external trade sector. The economy as a whole was also affected by the global crisis.