October 28, 2008
Bangkok - One million of Thai workers are at risk of losing their jobs next year as export orders sharply decline, according to the Federation of Thai Industries (FTI).
The global financial crisis was blamed for causing delayed export sector.
Such export growth could make troubles worse than the 1997 economic crisis, according to the FTI deputy chairman Thaveekij Jaturajarernkul.
"Exports orders from our main markets -- the US, Europe and Japan -- have dropped significantly in all industries.
"If another economic crisis hits Thailand this time it's going to be far worse than in 1997 because it will affect every sector," he added.
Orders averagely dropped 30-40% in all industries though higher figure was seen for the luxury goods sector.
Thailand currently has about six million workers in the manufacturing sector, two million workers in small and medium-sized enterprises and 1.2 million workers in the service and logistics sector.
About 700,000 students from colleges and vocational schools are expected to graduate and seek employment next year.
Some businesses have recently reduced workdays from six to five days a week while others have cancelled overtime hours.
"This quarter we should have received orders for the first two months of next year. But so far we have fewer orders than usual and some orders cancelled," Thaveekij said.
