The Federation of Thai Industries (FTI) warned Tuesday that Thailand's export output has plunged 30 percent and the slump could persist till the beginning of 2009, which could leave many in the industrial sector unemployed.
Thaveekij Jaturajarernkul, FTI deputy chairman and labor committee chairman, was quoted by Bangkok Post as saying that the industrial sector may lay off 10 to 15 percent of employees. Around 700,000 new graduates would also have more difficulties in finding jobs each year, he noted.
According to the reports, the increasing unemployment rate is due to the global economic recession, and many industrial segments of the country have experienced lower sale orders by about 30 percent from the United States, the European Union and Japan.
"Many factories have lifted their overtime and reduced the number of workdays from six to five. Some factories have to lay off 10 percent of their staff, and the consequences should be more apparent by January 2009," Thaveekij said.
He urged the government and the private sector to jointly seek plans to cope with the economic crisis because there are no direct solutions at the moment.
Another FTI deputy chairman Thanit Sorat said the export output, particularly from clothing, furniture, ceramics and electrical appliance industries, has dived by about 20 to 30 percent.
The Thai Chamber of Commerce will announce its study on the economic impact on the country's industries and the plans to manage and address it in the short-term and long-term on Nov. 13.
Source:Xinhua
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