Pain as multinationals axe hundreds

Standard Chartered PLC’s plan to cut 4,000 jobs globally could spill over into local subsidiaries as the lender restructures its retail business. [PHOTO: FILE/STANDARD]

Chances of getting employment this year looks slimmer as several multinationals restructure and some, especially those in manufacturing, exit the country.

This spells doom to an economy that is struggling to create jobs.Analysts say the effect of the slowdown in the US, European and some Asian economies, could have hit multinationals. The International Monetary Fund (IMF) lowered its forecast for global economic growth in 2015 to 3.5 percent and 3.7 percent for 2016. It cut its forecast by 0.3 percentage points for both years.