The Perils of Neoliberal Capitalism: Women's Lives Under Debt in Asia

The economic crisis brought upon by the COVID-19 pandemic revealed the dysfunctions in the inequitable and exploitative global financial architecture which prioritises debt servicing at the expense of human rights. The impact of recurring, enforced fiscal consolidation in stunting long-term growth and development, thus rendering indebted economies more vulnerable to other crises, was evident. 

The economic crisis, however, was not a consequence of the pandemic alone, but had long been in the making: Even before COVID-19, the Asia and the Pacific region was facing a rising level of public debt.

Although damaging for all, the impacts of debt crises manifest manifold in magnitude for women.21,22 Women are compelled to fill in the gaps and compensate for shrinking social safety nets by shouldering increased responsibilities of productive and reproductive activities.