(AFP) More than 2,400 workers have been retrenched within the first 19 days of the new year, reports said today.

Human Resources Minister Fong Chan Onn said a total 2,482 workers were laid off by 104 companies within the first 19 days of January.

Fong was quoted by the New Sunday Times as saying the majority of those retrenched, accounting for 83.8 percent, were from the manufacturing sector which was followed by the finance, insurance, real estate and business sectors.

He said that of the total, more than 2,000 workers were retrenched due to a reduction in demand for goods, while the closure of companies and management reorganisation were other major reasons.

New jobs

Fong in November said a total 45,000 workers were expected to be retrenched in 2001, adding, however, that the job losses would be offset by the creation of 110,000 new jobs.

The government anounced last year it would cut the permit period for all foreign workers except domestic helpers from six or seven years to three years, in efforts to protect jobs for locals.

Prime Minister Dr Mahathir Mohamad, who is also finance minister, has predicted the gross domestic product (GDP) to grow 3.0 percent this year - down from an earlier official forecast of 4.0-5.0 percent growth.