BANGKOK — Mounting wage costs, a significant shortage of labor and competition from cheaper neighboring countries could lead to contraction for Thailand’s apparel industry.
“I cannot be optimistic because the U.S. economy is not great…Europe is in debt and Japan is in recession,” said Sukij Kongpiyacharn, president of the Thai Garment Manufacturers Association. “There will be no growth this year. I will be happy to see us maintain last year’s level.”
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