Turkey Textile And Clothing Industry Unemployment Figures Upward Hurricane
The global unemployment rate has increased at an alarming rate. The main economic slowdown has accelerated the restructuring of enterprises, so most enterprises have begun to slash staff.
Turkey is no exception. The latest unemployment figures announced by the government show that the number of unemployed people in the country is increasing. In the four quarter of 2008, the unemployment rate increased to 12.3%, compared with 10.1% in the same period in 2007.
The industries with the highest unemployment rate are textiles, clothing and automobiles. The EU is the largest overseas market of textile exports in Turkey, accounting for about 79% of the total export volume of the industry. Now, the EU market is in deep pain of deep recession.
The reduction in orders from the largest import market led to a large number of layoffs in Turkey's textile and garment industry. Turkey's consumer confidence is not high, so exports continue to decline.
Experts believe that if the recession continues for a few months and is expected to extend to at least 2009 at the end of the year, the unemployment rate in the coming months may exceed 15%, and the government is more concerned about this.
The government is negotiating with the International Monetary Fund to secure loans to help the textile and garment industry overcome the current difficulties. The central bank also reduced lending rates to a record low of 13%, aimed at stimulating demand.
Editor: vivi
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