Results tagged “retrenchments”

With 6.1 million college students graduating in 2009 amidst the economic gloom, many will have a hard time finding jobs immediately. Those that do will have to make do with lower pay.

The latest data shows that China's output has fallen to a seven year low. The forecast for China's economic growth has been revised downwards to between 9.5% to 10% this year and 8.8% to 9.3% in 2009 — news that makes you go awwwww shucks we know, but economists are saying the reduction of even 1% in economic growth in China will have a massive impact and we're getting a glimpse of that right now. Even the ayi at our local All Days convenience store has been lamenting over poor sales, believe it or not. All across Guangdong province and elsewhere, factories are shuttering down and people are getting laid off. Jobs are a lot harder to come by and consumer sentiment is down. As usual, it is the people at the lowest rung of society who will be hit hardest, and China's greatest challenge now will be to tackle the growing social divide.