Thailand unemployment rate drops to 1.05% as tourism industry rebounds

Thailand witnessed a decrease in its unemployment rate during the first quarter, reaching a three-year low of 1.05%, down from 1.15% in the final quarter of 2022, according to the state planning agencyโ€™s announcement on Monday. The improvement is attributed to the strengthening recovery of the vital tourism industry.

The nationโ€™s economy, which is the second-largest in Southeast Asia, experienced faster-than-anticipated growth in the first quarter, thanks to the ongoing revival of the travel sector. This industry plays a crucial role in job creation and was severely impacted by the pandemic.

Employment saw a 2.4% increase in the January-March period compared to a year earlier, a rise from the previous three monthsโ€™ 1.5% growth, as stated by the National Economic and Social Development Council (NESDC).

With 420,000 individuals unemployed, the jobless rate in the first quarter was the lowest since the 1.03% recorded in the first quarter of 2020, prior to the economy experiencing the full effects of the pandemic.

However, it is important to note that Thailandโ€™s definition of unemployment is narrow, only considering those who did not work a single hour during the surveyed week as jobless. Analysts argue that this does not account for the countryโ€™s significant unofficial economy.

As reported by the planning agency, Thailand had a workforce of 39.6 million in the first quarter of 2023.

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