EconThai: Thailand’s job market faces limited growth in key sectors predicted for 2024

The Employers’ Confederation of Thai Trade and Industry (EconThai) painted a gloomy picture of Thailand‘s job market in 2024.

The Employers’ Confederation of Thai Trade and Industry (EconThai) is sounding the alarm, predicting a continued slump in Thailand’s job market in the coming year. According to Tanit Sorat, Vice-Chairman of EconThai, the country’s employment landscape remains bleak in the aftermath of the pandemic.

Tanit highlighted that the silver lining may only be visible in specific sectors, such as tourism, food and beverages, electronics, and energy. These industries, deemed to have high growth potential, could be the beacon of hope for job seekers. However, there’s a catch – a shortage of skilled workers poses a challenge, particularly in the targeted S-curve industries.

Thailand is grappling with a multitude of economic challenges, including the staggering burden of household debt. Despite these hurdles, Tanit Sorat anticipates a modest growth rate of 2 to 2.5% in the economy, with exports predicted to contract by -1% in the current year. The Employers’ Confederation expresses optimism that the GDP rate will experience a positive shift in the upcoming year.

In a bid to address economic disparities, the national tripartite wage committee, consisting of representatives from the government, employers, and employees, is set to discuss a new daily minimum wage, reported Bangkok Post.

The EconThai vice-chairman reveals that the new wage will take effect on January 1, 2024, as the government intends it to be a new year’s gift for the people.

As the political arena enters the wage debate, the Pheu Thai Party proposes a significant increase, aiming for 600 baht a day by 2027. However, employers, though open to a wage hike, express reservations about the proposed 400-baht rate, deeming it too high for the economic circumstances.

In related news, The state planning agency of Thailand revealed on November 27 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. Read more about this story HERE.