Unemployment rate in Thailand low compared to other countries

[Wilsonandson]

These matters are always quite complex!

Yes there a huge numbers of foreign labourers doing the jobs that Thais don't want to do. That is no different from black people in Britain 60 years ago or Turkish people and Portuguese in Germany. It is a commonplace of belief, well round here, that Thai men are lazy, unambitious and ill-educated. I have no idea if that generalisation is true. What is certainly true is that women appear to do most of the work. I would be interested to see the correlation between household debt and household income. My wife is pretty clear that current apparent wealth..lots of Mercedes here..(other than the drug funded ones..Many) is funded by the banks against the soaring value of land. So land sales are escalating and the squid stalls are paying the bank and the government is thinking about 0%mortgages H'M

"I don't fancy that job, Frank.", "Me neither, Bob, they should get a black man to do it", "Oy, this ain't 1960's Britain, behave yourself." , "Sorry Frank", "That's okay".

[chiang mai]

3 million foreign workers in Thailand doing a job that takes 4 Thai people to do. Thats 12 million jobs for able bodied Thai's to do if Thailand boots out it's foreign work force.

Bash! Slam! Wallop!

Was it really worth posting that, like it adds what!

[lkv]

... I would be interested to see the correlation between household debt and household income...

Suuuuper high ratio.

Google "Asias surging household debt: how risky is it?"

[chiang mai]

... I would be interested to see the correlation between household debt and household income...

Suuuuper high ratio.

Google "Asias surging household debt: how risky is it?"

Looking at household debt to GDP, altogether a better indicator, Thailand is:

http://www.tradingeconomics.com/thailand/households-debt-to-gdp

Whereas the UK is:

http://www.tradingeconomics.com/united-kingdom/households-debt-to-gdp

[Wilsonandson]

3 million foreign workers in Thailand doing a job that takes 4 Thai people to do. Thats 12 million jobs for able bodied Thai's to do if Thailand boots out it's foreign work force.

Bash! Slam! Wallop!

Was it really worth posting that, like it adds what!

Accuracy!

[Roomuck]

I know a girl who sells BBQ squid who earns 1000 per day, somedays she sells out in 4 hours, bad days she has to work 8 hours.

Her turnover for the day is 1000 baht or more;

I can believe that;

but her profit is ? ................. a few baht .

Never confuse turnover and profit ;

you can have a turnover of ten billions baht and no profit at the end of the year .

Once again, you are claiming to know, but don't . PROFIT.

She just bought a NEW pickup. Her turnover is more than a thousand baht per hour.

You can't read Thai can you?

I divide my time evenly between pattaya and Amata nakon where my girlfriend works. EVERY SINGLE factory there (there are hundreds) has a sign with JOB APPLICATIONS written in Thai. That is where the girl I know sells the squid, to all the busy workers doing overtime.

And there are similar signs out the front of businesses in Pattaya in every single non residential soi.

You are just making it up mate.

Edited March 21, 2016 by Roomuck

[Wilsonandson]

... I would be interested to see the correlation between household debt and household income...

Suuuuper high ratio.

Google "Asias surging household debt: how risky is it?"

Looking at household debt to GDP, altogether a better indicator, Thailand is:

http://www.tradingeconomics.com/thailand/households-debt-to-gdp

Whereas the UK is:

http://www.tradingeconomics.com/united-kingdom/households-debt-to-gdp

Thailand Households Debt To GdpHouseholds Debt in Thailand increased to 70.80 percent of GDP in the third quarter of 2015 from 70.50 percent of GDP in the second quarter of 2015. Households Debt To Gdp in Thailand averaged 47.32 percent of GDP from 1991 until 2015, reaching an all time high of 70.80 percent of GDP in the third quarter of 2015 and a record low of 25.40 percent of GDP in the fourth quarter of 1991. Households Debt To Gdp in Thailand is reported by the Bank for International Settlements.

Thailand

United Kingdom Households Debt To GdpHouseholds Debt in the United Kingdom increased to 86.40 percent of GDP in the third quarter of 2015 from 85.90 percent of GDP in the second quarter of 2015. Households Debt To Gdp in the United Kingdom averaged 59.05 percent of GDP from 1966 until 2015, reaching an all time high of 99.50 percent of GDP in the third quarter of 2009 and a record low of 30 percent of GDP in the second quarter of 1971. Households Debt To Gdp in the United Kingdom is reported by the Bank for International Settlements.

U.K

Edited March 21, 2016 by Wilsonandson

[lkv]

Yup fair enough, I did not state European economies are doing great, but let's not consider Thailand teflon.

So are they going to print more baht or what?

[Misterwhisper]

There is a nugget of truth in this latest B.S.

Unlike most sensible economies that value efficiency, Thailand has deliberately created a system that requires at least four people to do the work one could do alone if it were not for the layers of useless burocracy and mountains of pointless paperwork involved in the simplest of transactions................and, of course, keeping wages artificially low in the process..............

That is the most reasonable explanation I've heard so far - ever. Unfortunately, it comes from a forum member and not the government, which would never - ever! - admit anything of that sort.

[Wilsonandson]

The levels of household debt in the UK is about 90% ratio to GDP, but the earning power is also a lot higher which means it can turn around that much quicker and also the fact that a large percentage of that is property debt and that property is going to still be around in a couple of decades and increase in price and return on the debt whereas most Thai property will be worthless in 20 years or virtually flatline due to the crap building regulations and build quality, so the only worth it has is the land its on not the property after a few years of wear and tear, they don't have the first clue on maintenance or quality building, least thats my opinion of the second hand property market here.

Edited March 21, 2016 by Wilsonandson

[Misterwhisper]

I think this article explains it.

http://www.bloomberg.com/news/articles/2015-02-02/thailand-s-unemployment-rate-is-a-ridiculously-low-0-6-here-s-why

"The informal sector of the Thai economy, comprising anyone who's not covered by formal work arrangements, accounted for more than 64 percent of the total workforce in 2013. It includes street vendors and taxi-motorbike drivers, the self-employed and those operating in gray areas of the economy. They are largely counted as employed."

I guess the throngs of drunks drooling into their lao khao every morning on the stone benches in front of my local mom-and-pop shop also consider themselves employed - or at least occupied. After all, around mid day many of them usually wander off to collect scraps around the neighborhood to sell for a few baht so they can buy another bottle after lunch.

Edited March 21, 2016 by Misterwhisper

[chiang mai]

Thailand Households Debt To GdpHouseholds Debt in Thailand increased to 70.80 percent of GDP in the third quarter of 2015 from 70.50 percent of GDP in the second quarter of 2015. Households Debt To Gdp in Thailand averaged 47.32 percent of GDP from 1991 until 2015, reaching an all time high of 70.80 percent of GDP in the third quarter of 2015 and a record low of 25.40 percent of GDP in the fourth quarter of 1991. Households Debt To Gdp in Thailand is reported by the Bank for International Settlements.

Thailand

United Kingdom Households Debt To GdpHouseholds Debt in the United Kingdom increased to 86.40 percent of GDP in the third quarter of 2015 from 85.90 percent of GDP in the second quarter of 2015. Households Debt To Gdp in the United Kingdom averaged 59.05 percent of GDP from 1966 until 2015, reaching an all time high of 99.50 percent of GDP in the third quarter of 2009 and a record low of 30 percent of GDP in the second quarter of 1971. Households Debt To Gdp in the United Kingdom is reported by the Bank for International Settlements.

U.K

Did you have a point to make wilson or are you simply improving on the presentation!

[chiang mai]

The levels of household debt in the UK is about 90% ratio to GDP, but the earning power is also a lot higher which means it can turn around that much quicker and also the fact that a large percentage of that is property debt and that property is going to still be around in a couple of decades and increase in price and return on the debt whereas most Thai property will be worthless in 20 years or virtually flatline due to the crap building regulations and build quality, so the only worth it has is the land its on not the property after a few years of wear and tear, they don't have the first clue on maintenance or quality building, least thats my opinion of the second hand property market here.

I'm going to vote this the longest ever single sentance I've ever read.

[Wilsonandson]

Thailand Households Debt To GdpHouseholds Debt in Thailand increased to 70.80 percent of GDP in the third quarter of 2015 from 70.50 percent of GDP in the second quarter of 2015. Households Debt To Gdp in Thailand averaged 47.32 percent of GDP from 1991 until 2015, reaching an all time high of 70.80 percent of GDP in the third quarter of 2015 and a record low of 25.40 percent of GDP in the fourth quarter of 1991. Households Debt To Gdp in Thailand is reported by the Bank for International Settlements.

Thailand

United Kingdom Households Debt To GdpHouseholds Debt in the United Kingdom increased to 86.40 percent of GDP in the third quarter of 2015 from 85.90 percent of GDP in the second quarter of 2015. Households Debt To Gdp in the United Kingdom averaged 59.05 percent of GDP from 1966 until 2015, reaching an all time high of 99.50 percent of GDP in the third quarter of 2009 and a record low of 30 percent of GDP in the second quarter of 1971. Households Debt To Gdp in the United Kingdom is reported by the Bank for International Settlements.

U.K

Did you have a point to make wilson or are you simply improving on the presentation!

So what if the levels of household debt in the U.K are high. The money earnt is also high, so you can pay it off quicker. Much of household debt is property debt and that property is going to still be around for many years to come and go up in price and return on the debt, but most Thai property will be worth sweet FA in a few years due to the crap building regs and build quality.The price of the land is what you'll get and thats it when you sell. Edited March 21, 2016 by Wilsonandson

[AlQaholic]

Of course it is low when you do not have any functioning system for monitoring who is not working compared to who is jobless. "well, I worked for a few months now, tired, lets go back to the farm and rest or a while...."

[chiang mai]

So what if the levels of household debt in the U.K are high. The money earnt is also high, so you can pay it off quicker. Much of household debt is property debt and that property is going to still be around for many years to come and go up in price and return on the debt, but most Thai property will be worth sweet FA in a few years due to the crap building regs and build quality.The price of the land is what you'll get and thats it when you sell.

The key is the ratio, that's why the figures are expressed as such, it doesn't matter that this, that or the other exists, the relative ratio explains the ranking - ergo, the UK populace is far more over stretched when compared to the Thai population.

And if you think that the value of UK real estate can only go in one direction, fill your boots my lad, go for it, buy lots, I dare you!

[lkv]

The key is the ratio, that's why the figures are expressed as such, it doesn't matter that this, that or the other exists, the relative ratio explains the ranking - ergo, the UK populace is far more over stretched when compared to the Thai population.

And if you think that the value of UK real estate can only go in one direction, fill your boots my lad, go for it, buy lots, I dare you!

You're right. However if you look at those charts apart from the last small increase, there has been a constant decrease in the UK household debt. Although higher than Thailand, that tells me the measures being taken are showing effects.

If you look at the Thai chart, you will see a constant increase over the last years. I understand measures are apparently being taken here in Thailand to prevent the debt increase, I'm just not too sure about their effectiveness.

Edited March 21, 2016 by lkv

[chiang mai]

A decent site here that provides factual detail on unemployment in Thailand, not for everyone and the numbers (the Thai bashers will say) are not to be trusted because they are Thai, I say they are worth looking at regardless!

http://web.nso.go.th/

[phoenixdoglover]

The Thai definition of unemployment is:

"Unemployed persons: Persons 15 years of age and over who during the survey week did not work even for one hour, had no jobs, business enterprises, or farms of their own, from which they were temporarily absent, but were available for work."

That means, if a person says they worked one hour or more in the most recent week, they are considered employed. Given the Asian tendency to preserve "face", and the availability of casual part time work in Thailand, it is likely very few people would admit they just sat around all week and didn't even work one hour.

[lkv]

A decent site here that provides factual detail on unemployment in Thailand, not for everyone and the numbers (the Thai bashers will say) are not to be trusted because they are Thai, I say they are worth looking at regardless!

http://web.nso.go.th/

Sorry, but 0.7% unemployment rate is unrealistic.

That's without going into further bashing about the numbers being manipulated.

[Wilsonandson]

The International Labour Organisation's definition of unemployment is a person is not working for pay or profit and is looking actively for work. In poor countries where there are no welfare payments to survive a person has to earn some money by fair means or foul. Hence you find people in car parks helping you to park your car and look after it for a small price (or else it is damaged!). I think we need a concept of decent work, see the ILO, to define employment. If you do not have decent work you are "unemployed".

“Decent work sums up the aspirations of people in their working lives. It involves opportunities for work that is productive and delivers a fair income, security in the workplace and social protection for families, better prospects for personal development and social integration, freedom for people to express their concerns, organize and participate in the decisions that affect their lives and equality of opportunity and treatment for all women and men. Decent work is central to the efforts to reduce poverty and is a means for achieving equitable, inclusive and sustainable development.”

http://www.ilo.org/global/topics/sdg-2030/lang--en/index.htm

[Roomuck]

The key is the ratio, that's why the figures are expressed as such, it doesn't matter that this, that or the other exists, the relative ratio explains the ranking - ergo, the UK populace is far more over stretched when compared to the Thai population.

And if you think that the value of UK real estate can only go in one direction, fill your boots my lad, go for it, buy lots, I dare you!

You're right. However if you look at those charts apart from the last small increase, there has been a constant decrease in the UK household debt. Although higher than Thailand, that tells me the measures being taken are showing effects.

If you look at the Thai chart, you will see a constant increase over the last years. I understand measures are apparently being taken here in Thailand to prevent the debt increase, I'm just not too sure about their effectiveness.

So what you are saying is as a percentage AND in dollar terms the Thai figures are lower. Got it.

[chiang mai]

A decent site here that provides factual detail on unemployment in Thailand, not for everyone and the numbers (the Thai bashers will say) are not to be trusted because they are Thai, I say they are worth looking at regardless!

http://web.nso.go.th/

Sorry, but 0.7% unemployment rate is unrealistic.

That's without going into further bashing about the numbers being manipulated.

Very few statistics are entirely accurate but they typically are reasonable indicators, what if we said the real number was say 2%, would you believe that?

[lkv]

So what you are saying is as a percentage AND in dollar terms the Thai figures are lower. Got it.

Yes, that's exactly what I am saying. Western economies already went through skyrocketing household debt (remember 2008...US...crash), and now they are trying to adress the problem and reduce the debt, while Thailand is doing exactly the same thing (increasing debt) without realising and is too proud to admit they are creating the next bubble.

Well, other Asian countries as well, not only Thailand.

Edited March 21, 2016 by lkv

[Roomuck]

The International Labour Organisation's definition of unemployment is a person is not working for pay or profit and is looking actively for work. In poor countries where there are no welfare payments to survive a person has to earn some money by fair means or foul. Hence you find people in car parks helping you to park your car and look after it for a small price (or else it is damaged!). I think we need a concept of decent work, see the ILO, to define employment. If you do not have decent work you are "unemployed".

Decent work sums up the aspirations of people in their working lives. It involves opportunities for work that is productive and delivers a fair income, security in the workplace and social protection for families, better prospects for personal development and social integration, freedom for people to express their concerns, organize and participate in the decisions that affect their lives and equality of opportunity and treatment for all women and men. Decent work is central to the efforts to reduce poverty and is a means for achieving equitable, inclusive and sustainable development.

http://www.ilo.org/global/topics/sdg-2030/lang--en/index.htm

So who will work in the car parks then? Not just in Thailand but in all the countries that have cars?

Your argument goes against your argument. The Thais have 3 million foreign workers doing all the s..t jobs they don't won't to do themselves.

Keep trying.

[Redline]

And how does it rate in productivity?

[Roomuck]

If ANYONE out there knows of ANYONE who needs a job out there, then let me know, and I will get them one.

Plenty of jobs to choose from.

[ChrisY1]

When there's no system to report unemployed......how do they come at these conclusions.......it's fiction

[kannot]

from the work ethic ive seen here id say many were unemployable

[Assurancetourix]

With 25% of the population either selling lottery tickets or somtam,that's

why unemployment is so low,but then you go to the Mall any day and

they are full of cars,motor bikes,do these people have a job?

regards Worgeordie

You forgot 1 million men in yellow/orange