And while such discussions between the government and the U.S. automaker is ongoing,... situations for the locals in Gunsan,... is looking bad.<br />Today we look at the depressing impact following the decision by GM last week. <br /> <br /> It's a grim new reality for Gunsan.<br />Many were already struggling, but now they are likely going to go under... if the U.S. auto giant makes good on its pullout decision.<br /> If a compromise is not reached with the South Korean government,... the shutdown is projected to affect 50-thousand people -- the 15-thousand employees, first-and-second-tier suppliers as well as their families and other residents in the small city on Korea's western coast.<br />Fifty-thousand people accounts for a fifth of the city's quarter-million population.<br />Gunsan has had a rough time of it of late... with Hyundai Heavy Industries shutting down its shipyard in the city just last year.<br /><br /> "The GM facility accounts for nearly six-and-a-half percent of Jeollabuk-do Province's economic output. Its departure would be even worse for this region than Hyundai leaving."<br /><br />The bus drivers that ferry the GM workers to and from the factory say they are already looking for new jobs.<br /><br /> "There's no way out. I have kids to support and debts to pay. I don't know what I'm going to do."<br /><br />And it doesn't end there.<br /><br /> "This relatively small industrial town is racked with uncertainty,… over fears the economy will turn south due to thousands of people losing their jobs."<br /><br />Nearby shops and restaurants that mostly cater to GM workers are either slashing their operating hours or even just closing altogether. <br /> The property market is in the doldrums as well,... newly-built residential buildings sit vacant and have done so for weeks, months even. <br /><br /> Responding to the crisis,... President Moon Jae-in has ordered the government to designate Gunsan as an "employment crisis area," calling for urgent measures to help local residents.<br />The move comes as GM and government officials in Seoul continue to try and thrash out a deal to save the factory.<br /> However,... the city of Gunsan -- with its run-down buildings and empty streets -- will need more than just a quick fix.<br />The residents here are desperate for a long-term solution to help them overcome their economic woes. <br />
