The unemployment rate in Grenada is expected to reach 30 percent by the end of the year.
Finance Minister, Nazim Burke, said the global economic crisis has been having a negative impact on the country.
In recent years, unemployment has risen from between 18 and 24 percent, with several key sectors like tourism, reporting layoffs.
Burke said even more layoffs are expected.
Telecommunications Company LIME formerly Cable and Wireless will be sending home about 40 percent of its workforce in Grenada by September.
Another 10 percent of workers at the flour making company Caribbean Agro Industries are due to be sent home by month end.