Automotive sector probably out on leave for 2009
Posted by meb at January 2nd, 2009
The automotive industry in Turkey, like so many other countries throughout the world, entered a period of stagnation in the second half of 2008 as the global financial crisis, coupled with a resulting drop in demand, slowed the industry’s production lines.
Tens of thousands of workers relying on work in the sector to feed their families have lost their jobs and the gloomy situation is expected to get even worse in 2009. It is estimated that just in Bursa, a major center of auto manufacturing in Turkey, nearly 55,000 people will be laid off this year. Experts say the crisis will get even deeper in 2009 and the first positive signs will only be seen by early 2010. Many companies have already started to grant their workers temporary leave as they halt production for two-to-four-week periods. (more…)