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Friday, July 19, 2024

Unemployment worries

By Tue Nhien

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Rising unemployment has become a pressing issue as it has extended into the second half of the year, affecting the industries that are key export and economic growth drivers. The situation is weighing on social order, security and welfare, and the economy. Immediate action is needed to address the challenges and mitigate their impact on the country. Job losses in economic engines According to a report by the Board for Private Sector Development Research (Board IV under the Advisory Council for Administrative Reform), job cuts are expected to affect a significant number of operational enterprises in 2023. Up to 71.3% of these enterprises are projected to reduce their workforce by 5% or more. The report also said that among the surveyed workers, 31% are currently unemployed, and this trend is expected to continue in the rest of the year. “The number of jobless workers did not decline but increased between Q4 2022 and Q1 2023 and the trend is projected to continue over the remaining quarters of the year,” said the report. The highest unemployment rates are observed in sectors such as real estate trading, construction, tourism, and hospitality, ranging from over 40% to more than 50%. The areas most […]
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