The Number Of Layoffs In The Printing And Weaving Industry Has Reached 700 Thousand, And Is Expected To Continue To Expand.
With the pressure of economic recession increasing, tens of thousands of jobs are decreasing, and this trend is likely to continue. The global financial turmoil is chilling, and even the developed economies are being affected.
The India textile industry alliance reported that 700 thousand people have already lost their jobs, and this figure is expected to continue to expand. Economic analysts believe that the current layoffs are only touching the tip of the iceberg.
Textile traders say they have no confidence in their recent business. The sales figures for this year are lower than that of the same period last year. Exporters face the worst.
Able to produce quality products, manufacturers sell products at competitive prices, and at the same time, they can keep the market. Experts say the economic impact may persist until next year, or even longer, and there will be a very serious setback in 2009.
In this regard, labour intensive industries, which rely on exports, will be the most laid off workers. But this is not permanent. As long as the economy starts to improve, the situation may be totally different.
Job security has become a meaningless term because of the reduction of existing staff and the freezing of new recruits. If the global economy does not recover, more dismissal notices will be issued in the coming months.
Editor in chief: Xu Qiyun
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