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Thailand Faces Economic Strain: Mass Layoffs in Key Industries


snoop1130

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In a troubling turn for Thailand's economy, mass layoffs have hit the industrial sector hard, with approximately 2,600 workers losing their jobs in just two days. The financial pressures have compelled companies to shrink operations, resulting in widespread disruption for employees.

 

In Chachoengsao, an electric vehicle manufacturer announced the layoff of 600 workers, effective December 1st. The company cited a dip in orders and rising costs as reasons for the decision, vowing to meet legal compensation obligations. The announcement, shared by the Noom-sao Rongngan Facebook page, underscores how the current economic climate has driven such tough choices.

 

Meanwhile, a jewellery factory in Samut Prakan has also revealed plans to cut 2,000 jobs by the start of next year, reflecting broader issues within Thailand's manufacturing sector. Reports on this trend highlight an economic recovery in limbo, as evidenced by a rise in managerial and executive job seekers amid lukewarm industrial demand in early 2024.

 

Further compounding the concern, the Federation of Thai Industries reported over 360 factory closures in the year's first half, displacing more than 10,000 workers and revealing a threatening economic landscape.

 

As Thailand seeks solutions to its industrial challenges, stabilising the economy and protecting jobs remain priorities. The severity of the current situation calls for immediate and strategic action, ensuring the livelihoods of countless citizens are safeguarded moving forward.

 

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-- 2024-11-01

 

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10 hours ago, snoop1130 said:

In a troubling turn for Thailand's economy, mass layoffs have hit the industrial sector hard, with approximately 2,600 workers losing their jobs in just two days. The financial pressures have compelled companies to shrink operations, resulting in widespread disruption for employees.

Thaksin has a master plan I'm sure.

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11 hours ago, snoop1130 said:

The severity of the current situation calls for immediate and strategic action,

In this country, immediate action (usually for show only) is one thing. Strategic action is an unknown concept.

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yet they feel the need to grant 500,000 migrant workers citizenship as they are essential to the workforce.?  Surely that number should now be reduced accordingly ?

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3 hours ago, mfd101 said:

In this country, immediate action (usually for show only) is one thing. Strategic action is an unknown concept.

And requires or  consists solely  of forming committees 

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4 hours ago, spidermike007 said:

In addition, China continues to unfairly sponsor industries for exports, and this creates great hardship for many local industries, like the Thai steel industry, which has taken a huge hit. With China it is a one way street. Ever tried to sell an item and send it to China? Nearly impossible. All imports are govt. controlled. It is all about exporting anything and everything they can and very selective importing. A highly controlled market with thousands of companies getting govt. subsidies. They don't believe in a level playing field, nor playing fair. 

 The Thai government should use its limited resources to put Thais to work on infrastructure projects that will contribute to future direct foreign investment.  Yet their military folks have convinced the gov't to still consider purchase of a CCP submarine (an extremely expensive life cycle operational proposition). Some Navy bigwigs want to feel important without any hint of a deep water strategic need.  The sad thing is the long-term strategic political & military implications (CCP blackmail).

 

Yet, the apparently blind Thai Minister of Defense, Phumtham, stated that the diplomatic relationship with China was a good reason to purchase the damn thing.  What nonsense.  Thailand will be dependent upon PRC submarine model specific Doctrine, Organization, Training, Logistics and Materiel upgrades, & thus subject to CCP unreliability /blackmail.  Undoubtedly there will be PRC advisors in Thailand for these functions and they will be doing their CCP required intelligence gathering while here.

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5 hours ago, hotchilli said:

MFP was the answer... but they got dissolved.. 

An intelligent man, a real businessman with a track record, a young man with progressive ideas to move Thailand into the future. You are right, that would have been the answer, however that was the exact opposite of what the elite and some of the extremely toxic powers that pull the levers seem to want for the nation. 

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50 minutes ago, OneZero said:

 The Thai government should use its limited resources to put Thais to work on infrastructure projects that will contribute to future direct foreign investment.  Yet their military folks have convinced the gov't to still consider purchase of a CCP submarine (an extremely expensive life cycle operational proposition). Some Navy bigwigs want to feel important without any hint of a deep water strategic need.  The sad thing is the long-term strategic political & military implications (CCP blackmail).

 

Yet, the apparently blind Thai Minister of Defense, Phumtham, stated that the diplomatic relationship with China was a good reason to purchase the damn thing.  What nonsense.  Thailand will be dependent upon PRC submarine model specific Doctrine, Organization, Training, Logistics and Materiel upgrades, & thus subject to CCP unreliability /blackmail.  Undoubtedly there will be PRC advisors in Thailand for these functions and they will be doing their CCP required intelligence gathering while here.

The entire defense department and establishment in Thailand seems to be not only completely useless and unproductive, but an enormous drain on the treasury. They're a spectacularly corrupt group of power hungry creeps. 

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5 hours ago, spidermike007 said:

The economy here has been in trouble for years. 9 years of Jurassic rule by Prayuth was devastating...

 Add an appreciating Thai baht and the zero import duties on BEVs from China and the recipe for disaster is completed.

 

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16 minutes ago, spidermike007 said:

The entire defense department and establishment in Thailand seems to be not only completely useless and unproductive, but an enormous drain on the treasury. They're a spectacularly corrupt group of power hungry creeps. 

On AN there are the never-ending accusations of brown bag-patronage-corruption co-dependencies in Thailand, & despite being accusations they have legitimate basis in fact.  I recently watched a video interview with Erik Prince where he claimed direct observation-discussion with CCP military officials providing him evidence of CCP appropriations of money for brown-bag payoffs to foreign military officials willing to do CCP bidding.  

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