According to the latest statistics from the National Statistical Office, Thailand’s unemployment rate has decreased to 0.8% in the first quarter of 2023, marking the lowest figure since the fourth quarter of 2019, before the outbreak of Covid-19 in the country.
The NSO survey highlighted that this is the first time in over four years where the jobless rate has fallen below 1%, with the last recorded drop occurring in October 2019 before the impact of Covid-19 on the country. This period saw typical growth and a thriving tourism industry.
The NSO credits the economic recovery of the tourism sector, which makes up approximately 20% of Thailand’s GDP for the decline in joblessness. Furthermore, the government’s financial stimulus programme, comprising of cash incentives and tax breaks, has boosted both domestic consumption and investment.
However, some economists have issued a note of caution as they claim that the present unemployment rate may not accurately represent the state of the employment market, whereby many people have left the workforce or accepted lower-paying jobs. They also commented that the economic recovery progress may be vulnerable and unbalanced due to the speed of vaccination programme and the emergence of…
Thailand’s unemployment rate drops below 1%
Thailand Business News is a comprehensive news service about Thailand with a business and financial perspective edited in Bangkok by Siam News Network