| Foxconn to Lay Off 1,500 in Hungary |
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| Monday, 01 December 2008 11:21 | |||
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BUDAPEST – Foxconn plans to lay off 1,500 workers in Hungary, more than half its workforce there, as a result of slipping orders, according to published reports. After layoffs in Komarom and Debrecen, the firm will employ about 1,150 people near Budapest, Reuters said. The economy in Hungary is expected to hit a recession in 2009 on dropping export demand and domestic consumption; the government predicts contraction for up to a year-and-a-half, according to reports. Analysts say the country's 7.7% unemployment rate from August to October could reach more than 10% by the middle of 2009.
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| Last Updated on Monday, 01 December 2008 11:22 |
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