Thailand’s employment growth slowed in the second quarter of 2023, rising by 1.7% from a year earlier, down from the 2.4% increase seen in the previous three months. The slowdown in employment growth is attributed to a deceleration in economic growth during the same period. Thailand’s economy expanded by 1.8% year-on-year and 0.2% quarter-on-quarter in the April-June period.
The jobless rate rose slightly to 1.06% in Q2, up from 1.05% in the previous quarter. The slowdown in economic growth was largely due to factors like reduced exports, decreased investment, and challenges in the tourism sector. Job growth was primarily observed in the tourism and construction industries.
Thailand’s unemployment measurement is limited, counting only those who haven’t worked a single hour in a surveyed week. The official figures might not capture the extent of Thailand’s informal economy. In Q2 2023, Thailand’s total workforce numbered 39.7 million, as reported by the the National Economic and Social Development Council (NESDC).
The slowdown in employment growth is a concern for the Thai economy, as it could lead to increased poverty and social unrest. The government needs to take steps to boost economic growth and create more jobs in order to address this challenge.
