Thailand may lose 2 million jobs due to coronavirus - planning agency

[webfact]

Thailand may lose 2 million jobs due to coronavirus - planning agency

 

FILE PHOTO: General view of the almost empty Khaosan Road, which is usually crowded with tourists, during the outbreak of the coronavirus disease (COVID-19) in Bangkok, Thailand, May 22, 2020. Picture taken May 22, 2020. REUTERS/Athit Perawongmetha

 

BANGKOK (Reuters) - Thailand may lose up to 2 million jobs this year, particularly in the tourist industry, as the novel coronavirus outbreak undermines economic activity, the state planning agency said on Thursday.

 

About 8.4 million people are at risk of losing their jobs - 2.5 million in the tourist sector, 1.5 million in the industrial sector and 4.4 million in other parts of the service sector, Thosaporn Sirisumphand, head of the National Economic and Social Development Council, told a briefing.

 

"But government relief measures and ones to rebuild the economy as well as the reopening of businesses in May will help increase jobs," he said.

 

The expected jobless rate of 3%-4% this year - compared with about 1% normally - would be around a level seen during the 1997/98 Asian financial crisis, Thosaporn said.

 

"That is based on an assumption that the outbreak situation can be controlled from May, which will spur economic activity" he said.

 

In the first quarter, the jobless rate was 1.03%, up from 0.92% in the same period a year earlier.

 

The agency predicts Southeast Asia’s second-largest economy will shrink 5%-6% this year, due to the outbreak, which has infected 3,054 people in the country.

 

(Reporting by Orathai Sriring, Kitiphong Thaichareon and Satawasin Staporncharnchai; Editing by Robert Birsel)

 

-- © Copyright Reuters 2020-05-28

 

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[bloodyholly]

That’s 2 million in the tourist sector alone 

[Bender Rodriguez]

the thailand claiming zero percent unemployment ... they did it to themselves...

 

sweden, no lockdown, some old people died, a bit more than flu season

 

economy alive & well, no lockdown, no job loss, no dead economy ... 

[Isaan sailor]

Since they’ve crucified the USD (down 3% in just 30 days) I can’t say I’m surprised.

And if they keep pounding it down—expect even more job losses.  China can’t save the Thai economy.

[Cake Monster]

The Thai  job losses are going to stretch well into next year.

Tourism is decimated, and wont return like it was ( ever ), so I estimate about 2 Million Jobs there, and only yesterday Manufacturing was reported down in April by 17 %, the first signs of a slowing Global demand on Thai Manufactured Products, so an estimate of another 2.5 MIllion across this sector.

Add to this the loss of Jobs from Companies that will relocate their operations out of Thailand and the total is going to be nearer 5 Million

Tough times ahead for Thailand, and a lot of other Nations that rely heavily upon Tourism and Manufacturing.

[Andrew65]

Who believes their fantasy of a 1% unemployment rate?

[finnishmen]

and if foreigns and expats end all busines in thailand thailand lose 7 million jobs more, if not change visa law normal human system ,future foreigns end all busines in thailand and then thailand have big big problem no money,no jobs, no live all thai peoples, hahahaha. newermind, stupid goverment made all this.

[davemos]

Not sure that only 2 million were employed  by the tourist industry .That was 41% of GDP in thailand 

[J Town]

4 hours ago, Bender Rodriguez said:

the thailand claiming zero percent unemployment ... they did it to themselves...

 

sweden, no lockdown, some old people died, a bit more than flu season

 

economy alive & well, no lockdown, no job loss, no dead economy ... 

I don't know where you get YOUR info. Sweden is starting to realize they screwed up.

https://www.businessinsider.com/sweden-coronavirus-per-capita-death-rate-among-highest-2020-5

[J Town]

3 hours ago, Isaan sailor said:

Since they’ve crucified the USD (down 3% in just 30 days) I can’t say I’m surprised.

And if they keep pounding it down—expect even more job losses.  China can’t save the Thai economy.

Really? I've seen the USD holding steady between 30 and 32 baht per dollar over the last year, not even a 1% fluctuation.

https://www.xe.com/currencyconverter/convert/?Amount=1&From=USD&To=THB

[Deli]

4 hours ago, Bender Rodriguez said:

the thailand claiming zero percent unemployment ... they did it to themselves...

 

sweden, no lockdown, some old people died, a bit more than flu season

 

economy alive & well, no lockdown, no job loss, no dead economy ... 

And hardly any Chinese visitors around. Lucky people

[J Town]

Just now, Deli said:

And hardly any Chinese visitors around. Lucky people

Chinese know first hand what happens if you don't quarantine. As I recently posted, Sweden is waking up to the realization they made a mistake.

[Deli]

2 million only ? Never ever. If they double the figure, I think it's still too positive.

Bring down the THB to 50:1 for the Euro and to the GBP and it might help.

[Blumpie]

44 minutes ago, davemos said:

Not sure that only 2 million were employed  by the tourist industry .That was 41% of GDP in thailand 

It's 15 percent with 5 percent spinoff, not 41 percent.  

[Blumpie]

6 minutes ago, J Town said:

Chinese know first hand what happens if you don't quarantine. As I recently posted, Sweden is waking up to the realization they made a mistake.

USA owes about another 80k deaths so far too.  That's a best case scenario.  So 180k but I think it may be much more.  

[Traubert]

3 hours ago, Isaan sailor said:

Since they’ve crucified the USD (down 3% in just 30 days) I can’t say I’m surprised.

And if they keep pounding it down—expect even more job losses.  China can’t save the Thai economy.

Yes it can and it will. The dollar isnt worth much in these parts.

[Isaan sailor]

15 minutes ago, J Town said:

Really? I've seen the USD holding steady between 30 and 32 baht per dollar over the last year, not even a 1% fluctuation.

https://www.xe.com/currencyconverter/convert/?Amount=1&From=USD&To=THB

Apparently, you missed USD @ 33.06 vs Baht.  I capitalized on it.  Anyway, that makes 3% easily.

[Traubert]

17 minutes ago, Isaan sailor said:

Apparently, you missed USD @ 33.06 vs Baht.  I capitalized on it.  Anyway, that makes 3% easily.

'Course it does. ????

[hotchilli]

12 hours ago, Andrew65 said:

Who believes their fantasy of a 1% unemployment rate?

Prayut!

[Andrew65]

7 hours ago, hotchilli said:

Prayut!

This is the number that's quoted whomever is in power.