Thailand’s LGBTQI+ discrimination costs the economy big time
Thailand’s economy is losing billions, and discrimination is the culprit. A new report by Open for Business reveals that LGBTQI+ exclusion is costing the nation a staggering 51.8 to 121.8 billion baht annually. This shocking figure comes from a mix of lost wages, healthcare costs, and missed economic opportunities, all linked to ongoing discrimination against the LGBTQI+ community.
The report, unveiled by Transtalents Consulting Group and the Sasin School of Management, highlights the financial burden discrimination places on the country. For instance, depression among the LGBTQI+ population alone costs Thailand between 5 billion and 14.9 billion baht every year, with 11% of the community diagnosed with moderate to severe depression. Additionally, HIV/AIDS-related healthcare expenses contribute a further 24.4 billion to 73.2 billion baht in costs, tied to lost wages and disabilities.
Wage gaps between LGBTQI+ individuals and their peers are also significant, adding another 22.5 billion to 33.7 billion baht to the country’s annual losses. Thailand’s wage disparity for LGBTQI+ workers surpasses that of neighbouring nations like the Philippines, Singapore, and Vietnam.
Despite these figures, Thailand is the only country in Southeast Asia with workplace anti-discrimination laws for LGBTQI+ individuals. However, corporate programmes supporting LGBTQI+ inclusion are lagging compared to those for women and other minorities, said Drew B. Mallory of the Sasin School of Management.
“This report can guide businesses in making informed decisions on inclusion, which will drive real change.”
With the recent passage of the Marriage Equality Law, experts like Nikki Phinyapincha of Transtalents Consulting Group believe this will be a turning point for Thailand’s Rainbow Economy, potentially unlocking economic justice and human capital growth on the global stage, reported The Nation.
In related news, a monk in Pattaya, who identified as a transgender woman, experienced a drug-induced episode, leading to his removal from the monkhood after testing positive for methamphetamine.
