Job-jitters in Thailand: Employment growth hits five-quarter low
The state planning agency of Thailand revealed today that the country’s employment growth has slowed to a five-quarter low of 1.3% year-on-year in the third quarter amid a sluggish economy and weak demand for exports.
This comes as Southeast Asia’s second-largest economy recorded a meagre growth of 1.5% in the July-September period, marking the slowest pace witnessed this year. The decline has been attributed to a decrease in exports and government spending.
According to the National Economic and Social Development Council (NESDC), the primary contributor to the third quarter’s job growth was the tourism sector. However, this growth in Thailand’s employment rate was less than the 1.7% increase observed in the previous quarter.
Conversely, the export-oriented manufacturing sector experienced a decrease in employment in the third quarter. The country’s unemployment rate for the July-September period was reported at 0.99% in comparison to the 1.06% in the April-June quarter.
However, Thailand’s narrow definition of unemployment, which only counts individuals who did not work a single hour in the surveyed week, has been criticised by analysts. They argue that this method fails to capture the reality of Thailand’s significant unofficial economy.
The workforce of Thailand increased to 40.1 million in the third quarter of this year, a rise from 39.7 million in the previous quarter, as per the state planning agency’s report, reported Bangkok Post.
In related news, JobThai, a prominent online recruitment platform, announced a 10.8% year-on-year surge in labour demand during the initial three quarters of this year. Among various sectors, the travel industry witnessed the most substantial increase in job recruitment, signalling a robust recovery after the pandemic. Read more HERE.
A recent study conducted by recruitment firm Michael Page indicates that a considerable majority of Thai workers are willing to consider new job opportunities, even in the face of global economic uncertainty. The Talent Trends report, based on a survey of 942 individuals in Thailand, discloses that more than half of the participants are actively searching for or intending to pursue new employment within the upcoming six months. Read more HERE.
