Mexico to Lay Off 700,000 Workers in 2009 | world | Hindustan Times
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Mexico to Lay Off 700,000 Workers in 2009

world Updated: May 23, 2009 13:28 IST

Agencies
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Mexico will lay off around 700,000 of its total workforce in the current year because of the sharpening of the economic crisis in the country, official sources said.

The prediction was made on the basis of the data compiled by the National Confederation of Industrial Chambers of Mexico (CONCAMIN).

According to the data by CONCAMIN the deepening of the financial crisis coupled with the recent slowdown in the tourism sector because of the H1N1 influenza epidemics will further cause a setback to the Mexican Gross Domestic Product which is expected to be around 6 per cent.

The industrial sector will see a fall of 13 per cent, while the maquilas will see a fall of 16 per cent, CONCAMIN president Salomon Presburguer said.

They can revert the impact by fostering into the domestic market, Presburguer added.

The Mexican GDP has already dropped to 9.8 per cent with a loss of 626,000 jobs with the industry laying off around 323,000 workers.