Jobless Rate Rises in Taiwan
By The Associated Press -- April 23, 1999
TAIPEI, Taiwan (AP) -- Taiwan's jobless rate rose to
2.8 percent in March, up from February's 2.7 percent,
despite forecasts of a rebounding economy, officials
said Friday.
The 1999 unemployment rate is expected to range between
2.75 and 2.8 percent, up from 2.69 percent in 1998,
said the Directorate General of Budget, Accounting and
Statistics.
The number of the unemployed came to 271,000, including
97,000 who lost their jobs because of factory or
company closures, the agency said.
Labor participation rate dropped to 57.6 percent -- the
lowest in 17 years -- because many people gave up
looking for jobs in the sluggish job market.
The lackluster real estate and banking sectors have
contributed to the rising jobless rate despite
government efforts to prop them up with low-interest
mortgages and tax reductions, officials said.
In the real estate sector, officials said, employment
dropped by 15,000 people and workers took pay cuts
averaging 6 percent in March.
Affected by the regional financial crisis, Taiwan's
economic growth rate dropped to 4.8 percent last year,
the lowest in 16 years.
But an improved trade performance is expected to
bolster the economy. The government has forecast a 4.7
percent growth this year and a growth of 5.9 percent
next year.
Copyright 1999 The New York Times Company |
