This term “LODI” is Filipino millennial speak for “IDOL” and takes off from your theme, “Leading onwards to development and inclusion #LODI.” To me, this theme indicates the industry’s willingness to reposition itself to the growing needs of a new breed of financial customers and to leverage on digital financial technology to advance economic development and financial inclusion objectives.
However, labor market dynamics have differed greatly between the two (Chart 3). In the U.S., reflecting a sharp drop in economic activity due to lockdowns, job cuts and layoffs spiked. As a result, the unemployment rate, which had been at around 3.5 percent before the pandemic, surged to 14.8 percent in April last year.