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Thailand’s Unemployment Rate Hits Three-Year Low in First Quarter
Thailand’s unemployment rate hit a three-year low in the first quarter of 2023, the state planning agency said on Monday. The rate fell to 1.05% from 1.15% in the previous quarter, as the economy continued to recover from the COVID-19 pandemic.
The National Economic and Social Development Council (NESDC) said that employment increased by 2.4% in the first quarter from a year earlier, driven by a strong rebound in the tourism sector. The number of unemployed people fell to 420,000 in the first quarter, the lowest level since the first quarter of 2020.
The NESDC said that the improvement in the labor market was due to a number of factors, including the easing of COVID-19 restrictions, the reopening of the country to international tourists, and the government’s stimulus measures. The agency forecast that the unemployment rate would continue to decline in the coming quarters, reaching 0.9% by the end of 2023.
The decline in the unemployment rate is a positive sign for the Thai economy, which is expected to grow by 3.5% in 2023. The improvement in the labor market will help to boost household incomes and consumption, which are key drivers of economic growth.
The NESDC said that the government would continue to support the labor market by providing training and skills development programs, and by creating new jobs in the manufacturing and services sectors. The agency also said that it would work to improve the quality of jobs by raising the minimum wage and by strengthening labor laws.
The decline in the unemployment rate is good news for Thailand’s economy, but it is important to note that the country still faces a number of challenges, including high levels of inequality and poverty. The government will need to continue to implement policies that support economic growth and job creation in order to improve the lives of all Thais.
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