Over half of business closures occurred among large employers in the tourism sector, while the manufacturing sector retrenched the most workers at 23% of the total to reduce overhead costs.
“This trend is only expected to accelerate from April 2020 onwards, with job losses increasing by 50% to 200% year-on-year for each subsequent quarter in 2020,” it said in the report published today. “The youth unemployment rate has remained mostly steady at 8-11%. However, they are the age demographic most vulnerable to retrenchment.
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