28-8-2023 (BANGKOK) Thailand’s employment rate in the second quarter of this year witnessed a 1.7% increase compared to the same period last year, according to the state planning agency. However, this growth rate represents a slowdown from the 2.4% rise observed in the previous three months. The National Economic and Social Development Council (NESDC) revealed that the country’s job market was affected by the decelerating economic growth.
The second-largest economy in Southeast Asia experienced a 1.8% year-on-year growth in the April-June period, with a quarter-on-quarter increase of 0.2%. These figures indicate a significant slowdown from the first quarter, as the strength of Thailand’s tourism sector was undermined by weaker exports and investment.
The NESDC’s statement highlighted that the jobless rate in Thailand during the April-June period stood at 1.06%, slightly higher than the 1.05% recorded in January-March. The agency noted that the growth in employment was primarily driven by the tourism and construction sectors.
It is important to note that Thailand’s definition of unemployment is relatively narrow, only considering individuals who did not work a single hour during the surveyed week as jobless. Analysts argue that this methodology fails to fully capture the extent of Thailand’s unofficial economy.
According to the planning agency, Thailand’s workforce during the second quarter of 2023 consisted of approximately 39.7 million people. The employment landscape in the country continues to face challenges as the economic growth rate slows down, impacting various sectors and industries.
