Actually, even -6, -3, -3…. would be optimistic.
“Kilbinder Dosanjh, a senior economist at The Economist Intelligence Unit (EIU), said Taiwan’s unemployment rate would surge to 10 percent by the end of the year, the Central News Agency reported on Feb. 21. ” (Taipei Times)
http://www.taipeitimes.com/News/biz/archives/2009/03/09/2003437986
“if Taiwan were to employ the US calculation method, its economic growth rate for the last quarter of last year would be close to minus 20 percent.” (Taipei Times)
http://www.taipeitimes.com/News/editorials/archives/2009/03/06/2003437730
“Average wages have also fallen by 5% in real terms over the past year.” (The Economist)
http://www.economist.com/world/asia/displaystory.cfm?story_id=13109874
“Here in Hsinchu Science Park, modeled after California’s Silicon Valley, some 100,000 of its 130,000 workers are taking up to 10 days of unpaid leave a month.”
http://www.latimes.com/business/la-fi-nolayoffs9-2009mar09,0,2920405.story
Mu: In fact, some workers continue to show up and ‘work for free’ in the hope they won’t be the first ones laid off. And these news reports are the tip of the iceberg.
Posted: March 9th, 2009 under Taiwan.
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