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The spectre of job losses haunts Malaysia |
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Posted by admin
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Thursday, 27 November 2008 17:53 |
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The global recession is already creeping up on us with the spectre of job losses looming. Already, we hear multinational corporations here slowing down production, asking workers to take annual leave and going for planned shutdowns. No bonus, no increments, etc…
That’s not surprising. US third quarter 2008 economic growth was already in negative territory: - 0.5 per cent (preliminary figure). Personal consumption in the States was down by 3.7 per cent - and that could worsen - while retail sales fell 15 per cent. Housing prices there are expected to slide further. US unemployment could soar to 8.5-9.0 per cent by the end of 2009. That’s grim reading, isn’t it? It would be foolish to think Malaysia can be spared, especially when traditionally, 20 per cent of Malaysia’s exports have gone to the United States - 12 per cent to the giant US electronic multinationals - while Europe is also sucked into the maelstrom. Blog reader Drachen mocks the thinking in some circles: READ MORE HERE: http://anilnetto.com/
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The Blogs 
This is just the start. Wait till it really hit the fan.