REFILE-Thailand may have lost 7-8 million jobs during lockdown -cenbank

[snoop1130]

REFILE-Thailand may have lost 7-8 million jobs during lockdown -cenbank

 

 

BANGKOK, July 24 (Reuters) - Thailand’s job losses were estimated at 7-8 million during the country’s coronavirus lockdown, but half of those might be recouped after the situation eases, the central bank chief said on Friday.

 

The central bank has forecast Southeast Asia’s second-largest economy to contract by a record 8.1% this year, as the pandemic has battered tourism and domestic activity. Thailand has removed most of its restrictions and has its outbreak under control after just over 3,000 cases in total.

 

An economic recovery could take two years, Bank of Thailand Governor Veerathai Santiprabhob told NBT television channel.

 

-- © Copyright Reuters 2020-07-24

 

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[ThailandRyan]

Not sure if they are including the estimated millions in seasonal workers for the tourism industry or not.  But there numbers have sure increased from the 6 million they originally said.  They are being optimistic that half of the jobs will be recouped.  I know that the 4 folks that worked for me doing investigations throughout Asia will not be coming back and working for me.  I closed down my business which was located in the State of Nevada, and the office which I had my sister running.  No work to do during this Covid <deleted>, and I will not do PI work.

[Bender Rodriguez]

the magically almost no unemployment in thailand is gone forever... but still they will allow cheap labor from other countries to do their dirty work...

[Grumpy John]

An awful lot of Chrystal balling going on at the moment.   Maybe they should be honest and say "our best guestimetes are....."

[Blumpie]

Once the situation "eases"?  Imagine tourism at 40 million people per year.  How many are continuously in Thailand eating, drinking, enjoying themselves, buying things in a day during the year.  All those commodities and food are gone until this pandemic is over.  

What is the real cost?  7-8 million jobs?  Sure.  When will it recover?  Not for a long time.

 

[hotchilli]

18 hours ago, snoop1130 said:

BANGKOK, July 24 (Reuters) - Thailand’s job losses were estimated at 7-8 million during the country’s coronavirus lockdown, but half of those might be recouped after the situation eases, the central bank chief said on Friday.

so what category do sex workers come under?

[AlfHuy]

10 minutes ago, hotchilli said:

so what category do sex workers come under?

Medical/stress relief.

[RichardColeman]

Can't help but think that making 8 million unemployed for 58 deaths seems kinda silly !

[richard_smith237]

19 minutes ago, RichardColeman said:

Can't help but think that making 8 million unemployed for 58 deaths seems kinda silly !

But its not 8 million unemployed for 58 deaths...  Its 8 million unemployed for an unknown number of deaths had there not been a lock down. 

 

That said: I agree with your sentiment... making 10% of the population Unemployed is an astronomical price to pay, I can’t believe Thailand is not doing a lot more to kickstart its economy. 

 

 

[natway09]

The immigrant workers are starting to return now that restrictions are being lifted.

14 day quarantine supplied by their employer along with the testing.

The Thai male does not want to do the work they do

[Laughing Gravy]

I am sure next week there will be news that 8-9 million new jobs have been created. Problem solved all well again.

[johng]

46 minutes ago, natway09 said:

The Thai male does not want to do the work they do

Only the truly desperate want to do that sort of work in those sorts of conditions with that sort of pay.

[The Barmbeker]

...and if they don't bring back the tourists for high- season, things will get worse!

 

[Skeptic7]

Tomorrow's news...

 

Thai Unemployment Remains Steady at 1% 

 

 

[tribalfusion001]

4 hours ago, richard_smith237 said:

But its not 8 million unemployed for 58 deaths...  Its 8 million unemployed for an unknown number of deaths had there not been a lock down. 

 

That said: I agree with your sentiment... making 10% of the population Unemployed is an astronomical price to pay, I can’t believe Thailand is not doing a lot more to kickstart its economy. 

 

 

Without tourists coming in how can they kickstart it, that's massive sector to fill and with the borders closed it's not going change much. Even when tourism does resume it won't be at the same levels as recent years.

[tribalfusion001]

2 hours ago, The Barmbeker said:

...and if they don't bring back the tourists for high- season, things will get worse!

 

100% and drop of GDP losing high season will be the killer. Big problems coming with countries that have a large percentage of GDP from tourism.

[Destiny1990]

But are thais more happy now with no foreigners left to stay In their country?

because i kinda got the impression this was sort of the policy already.( smoking out the undesirable ones) So now its been implemented fast due to corvid and if Thailand is now more fun and more peaceful more profitable for thais then just keep the country in this way even after a vaccine is on the market. Enjoy  !!

[kingofthemountain]

4 hours ago, The Barmbeker said:

...and if they don't bring back the tourists for high- season, things will get worse!

 

i don't see the tourists comeback in mass this year

maybe in 2021 but nothing is sure and i don't bet about it 

all we know is that 5 months later they are still trying to rapatriate the 

Thai people stranded abroad and only very few categories

of foreigners have been allowed to enter in Thailand, under

draconian and costly measures.

[tribalfusion001]

2 minutes ago, kingofthemountain said:

i don't see the tourists comeback in mass this year

maybe in 2021 but nothing is sure and i don't bet about it 

all we know is that 5 months later they are still trying to rapatriate the 

Thai people stranded abroad and only very few categories

of foreigners have been allowed to enter in Thailand, under

draconian and costly measures.

And now one local case in Danang and Vietnam is going ape about it. Very little chance of mass tourism restarting whilst these countries are being cautious. Who knows what the right strategy is, either way it's costly for economies.

[warcy]

8.1 % contraction is the official figure but the unofficial figure is probably 20%.

 

 

[bert bloggs]

10 hours ago, Bender Rodriguez said:

the magically almost no unemployment in thailand is gone forever... but still they will allow cheap labor from other countries to do their dirty work...

problem is ,as our son has said he has just taken on two immigrant workers because Thai workers are lazy , he reckons they do the work of four  of his Thai staff.

[tomazbodner]

Thailand needs to turn this into an opportunity. Yes, the living standards of people will drop overall and many will need to find income from other sources.

 

But Thailand was going downhill with mass tourism and environmental destruction for a long time, and now it has an opportunity to make something far more sustainable out of it.

 

Of course it will be challenging, but going to the same as what was there before won't happen either, and shouldn't. If it can pull that off, and become less reliant on outside world, it may fare better in the future.