Job-jitters in Thailand: Employment growth hits five-quarter low

[snoop1130]

 

The state planning agency of Thailand revealed today that the country’s employment growth has slowed to a five-quarter low of 1.3% year-on-year in the third quarter amid a sluggish economy and weak demand for exports.

 

This comes as Southeast Asia’s second-largest economy recorded a meagre growth of 1.5% in the July-September period, marking the slowest pace witnessed this year. The decline has been attributed to a decrease in exports and government spending.

 

According to the National Economic and Social Development Council (NESDC), the primary contributor to the third quarter’s job growth was the tourism sector. However, this growth in Thailand’s employment rate was less than the 1.7% increase observed in the previous quarter.

 

Conversely, the export-oriented manufacturing sector experienced a decrease in employment in the third quarter. The country’s unemployment rate for the July-September period was reported at 0.99% in comparison to the 1.06% in the April-June quarter.

 

By Alex Morgan

Caption: Photo: Freepik

 

Full story: [source name + source link] 2023-11-27

 

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[hotchilli]

12 hours ago, snoop1130 said:

According to the National Economic and Social Development Council (NESDC), the primary contributor to the third quarter’s job growth was the tourism sector

So if tourism flops Thailand is in deep trouble, they must be missing the Chinese wave.

[soalbundy]

If one follows the many financial investment experts on Youtube then it is apparent that a worldwide recession is coming if not a financial crisis bigger than the great depression, there is no reason to think that Thailand would be immune. Due to the massive amounts of debt accumulated the world has less wiggle room than in 1929. China is already on the verge of a financial crash and Europe is not far behind with the powerhouse Germany already in a technical recession. Japan and South Korea's currencies are falling as their exports fall both with high debt to GDP. It is thought that the USA will be the last brick to fall but then heavily although they will recover first leaving the rest of us behind. The big reset is coming and 2024 isn't going to be pleasant with many working people living from pay cheque to pay cheque with maxed out credit cards and no reserves. Covid stopped the can from rolling down the road.

[JimHuaHin]

38 minutes ago, soalbundy said:

If one follows the many financial investment experts on Youtube then it is apparent that a worldwide recession is coming if not a financial crisis bigger than the great depression, there is no reason to think that Thailand would be immune. Due to the massive amounts of debt accumulated the world has less wiggle room than in 1929. China is already on the verge of a financial crash and Europe is not far behind with the powerhouse Germany already in a technical recession. Japan and South Korea's currencies are falling as their exports fall both with high debt to GDP. It is thought that the USA will be the last brick to fall but then heavily although they will recover first leaving the rest of us behind. The big reset is coming and 2024 isn't going to be pleasant with many working people living from pay cheque to pay cheque with maxed out credit cards and no reserves. Covid stopped the can from rolling down the road.

From my limited general reading of the global economic and financial literature throughout this year, I cannot but agree with soulbundy - hard times ahead.  From English language Thai media reports, one has to ponder whether Thailand's economic and financial leaders and Thai politicians are either making false statements or whether they are just ignorant of what is happening locally and globally.  In any case, 2024 (or more correctly 2567) will be a difficult year for Thailand, made worse by the proposed enforcement of existing revenue laws taxing foreign incomes brought into Thailand.

[StayinThailand2much]

Shouldn't be a problem, considering that the (official) unemployment rate is only about 1 percent. Of course, a good number of these people seem to be employed as 'grass-grow-watchers' or 'rice-grow-listeners', as they just sit around all day...

Edited November 28, 2023 by StayinThailand2much

[StayinThailand2much]

9 minutes ago, JimHuaHin said:

From my limited general reading of the global economic and financial literature throughout this year, I cannot but agree with soulbundy - hard times ahead.

 

Never mind that. I just need to look out of the window... Each night, shortly after midnight comes a guy along on his motorbike, going through all the bins in the neighbourhood for "valuables" (bottles, plastics). Early morning, around 7:30 another guy, on foot, doing the same... Near the city train entrance a number of middle-aged Thai beggars (and no, not the organised ones from Cambodia, but Thai guys who must have fallen on bad luck)...

[StayinThailand2much]

16 minutes ago, JimHuaHin said:

From English language Thai media reports, one has to ponder whether Thailand's economic and financial leaders and Thai politicians are either making false statements or whether they are just ignorant of what is happening locally and globally.

 

This has been going on for decades. And when it's obvious that things are not as publicised, they will come up with the old: 'The Chinese tourists will bring the turn-around...' - Not likely to happen this time...