The Asia-Pacific region has fared better than most other regions during the Covid-19 crisis: Economic activity is likely to have declined by less than -2% in 2020, compared to more than -4% at the global level and almost -8% in Latin America. But labor markets were hit hard, predominantly impacting poor and low-income earners, who work often in the informal labor market with limited access to social security. This has spurred income inequality in many markets.