BOT to keep close eye on unemployment rate

By THE NATION

 

Don

 

The Bank of Thailand (BOT) will keep a close watch on unemployment, especially since it expects economic growth to be less than 3 per cent this year due to external negative factors, its senior director Don Nakornthab said on August 30.

 

 

The unemployment rate in July was 1.1 per cent, compared to 0.9 per cent in June. 

 

The bank is keeping a close eye on the situation because unemployment can affect domestic consumption and people’s ability to repay their debts.

 

Source: https://www.nationthailand.com/business/30375641

 

-- © Copyright The Nation Thailand 2019-08-31

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But . . . but . . . I just saw a report stating 7-10% growth this year. My head is just spinning!

12 minutes ago, rooster59 said:

The Bank of Thailand (BOT) will keep a close watch on unemployment

Can somebody explain to me how they do that?

I think there is no place where unemployed people can register in Thailand. 

Just now, RotMahKid said:

Can somebody explain to me how they do that?

I think there is no place where unemployed people can register in Thailand. 

They use the I Ching method.

 

Otherwise known as "crutching at stlaws"

5 hours ago, rooster59 said:

The bank is keeping a close eye on the situation because unemployment can affect domestic consumption and people’s ability to repay their debts.

Considering the banks just agreed to put on hold looking at peoples incomes for loans I think that's a load of old shoe repairers !

 

5 hours ago, rooster59 said:

The Bank of Thailand (BOT) will keep a close watch on unemployment,

Keeping close watch on something usually means looking the other way and ignoring it and hoping it will go away.

5 hours ago, rooster59 said:

.....it expects economic growth to be less than 3 per cent this year due to external negative factors

Is the high baht an external or an internal factor? Either way it is conveniently ignored yet it is having a huge impact on exports and economic growth.

Surely this was a misquote and should read due to internal factors namely ones with the prefix of Gen????

9 hours ago, rooster59 said:

The Bank of Thailand (BOT) will keep a close watch on unemployment, especially since it expects economic growth to be less than 3 per cent this year

BOT's predictions are surpassing ridiculous and approaching ludicrous credibility.

It was just reported in July 11, 2019 that BOT predicted GDP growth of 3.3% this year!

https://forum.thaivisa.com/topic/1111078-thailands-cooling-car-sales-may-shift-economy-into-lower-gear/?utm_source=newsletter-20190711-1259&utm_medium=email&utm_campaign=news 

Is a high baht, which is linked to the balance of payments surplus, which is linked to export subsidies and import tariffs and controls.... an external factor? 

Oh please, don’t bother.  All BoT really needs to do is cut back on the ChiCom hot money inflows from bond sales.  They’ve taken in this hot money for two years now.  Haven’t they built up their USD reserves enough already?  With tourism and exports tanking, will they finally take some actions?

Unemployment is 1.1% ………. but to be unemployed you had to previously have a job for which social security was paid (as I understand it). So the entire informal sector, and most of farm owners and workers, are never on the statistics. I know no Thai who ever got unemployment benefit, but plenty who are casual staff/day labourers, often not working. In Isaan, I expect the REAL unemployment rate on any day is more like 10%, or more. And many of the rest do not even make minimum wage (my sister-in-law 'worked' at a small stall selling drinks at the house, most days her takings were under 300 baht, let alone profit).

 

In the current extended family in Thailand, I am retired, 2 are retired on 700 baht a month, 2 are teachers, 2 work part-time selling chickens (they have a 100% disabled child), wife runs shop, 3 are university students and 2 are currently not working. Add in 2 young children and you have 15 people  living off of about 5 real incomes. But no-one is unemployed!