Here's a cheery report for a sunny Sunday morning (and a cold one here):
Asia's garment industry sees lay-offs, factories closing due to COVID-19.
Quote:YANGON: Temporary factory closures and layoffs have already begun to hit low wage workers across Asia as quarantines and travel restrictions from the new coronavirus disrupt supply chains linked to China.
For 31-year-old Myanmar worker Aye Su Than, the suspension of production at Hunter Myanmar, which produces clothes for an Italian fashion brand, came out of the blue when managers informed its 900 employees almost two weeks ago.
"They said, 'There are no orders, no buyers, because of the virus we are going to shut down,'" said Aye Su Than, who is five months pregnant and makes about US$130 per month.
That means much fewer cheap garments, even at places like Walmart. More importantly, it means financial disaster for men and women all across south Asia and southeast Asia. This will be bad for folks in India, Malaysia, Myanmar, Indonesia and Thailand. It will be catastrophic in Bangladesh for the garment industry, where the Bengali labor force--about 90% of them women--produces ready-to-wear garments in volume second only to China. Ready-to-wear garments from Bangladesh provide 80% of the country's foreign exchange, and is by far the repository of most of Bangladesh's domestic investment capital. Garment exports account for almost one eighth of Bangladesh's gross domestic product. (Sea level rise further threatens Bengalis' future. With a mere 10 inches of sea level rise, more than 10% of the country's land mass will be inundated, and almost 10% of its population displaced.
The CIA Factbook reports a Bengali population of more than 162.5 million people. Where will they go? Personally, I think the recent pace of global warming is such that ten inches of sea level rise in the next 30 years is a foolishly optimist projection.)
Bangladesh's tragedy is, in my opinion, despite its genuinely tragic nature, also symptomatic of how this pandemic is going to affect the entire world and its economic sector. The social impact of that pandemic will very likely cause profound social disasters, engendering a harsh response from authoritarian regimes, and creating more refugees fleeing oppression and economic disaster. As I said, a cheery good Sunday morning to you all.
[Sources at CIA Factbook, Wikipedia and various news agencies. The quoted material above is from CNA (Channel New Asia), a Singapore-based corporate subsidiary. Their English is excellent (which should be no surprise coming from Singapore) and in my experience, their news reporting is well balanced.]