The Private Economic Development Research Board (Board IV) has proposed different groups of measures to help businesses overcome the difficulties and recover production and trade, as many have plans to downsize or cease operations during before the year is out.

Its recent survey found that 71.3 per cent of respondent enterprises plan to downsize and cut around 5 per cent of their workforce this year.

Some 31 per cent of 8,343 surveyed workers are currently unemployed, the survey found.

The report noted that 32.4 per cent of workers lost their jobs because their employer ceased operations, were bankrupted, or temporarily suspended operations. Meanwhile, 27.1 per cent said they lost their job as their employer cut headcounts due to falling order numbers.

To help businesses and workers given that the difficulties are forecast to continue for the remainder of the year, Board IV proposed offering support to businesses by extending the reduction to value added tax, relax or reduce fees relating to social insurance, and continue to cut bank interest rates.

Measures are also needed to support workers in terms of accommodation and social insurance, such as helping them gain better access to social housing.

Based on the survey, Board IV has predicted that job cuts will continue between now and the end of the year.