Thailand Unemployment Drops Below 1%

With many companies and recruitment companies in Thailand have been busy, according to data from the National Economic and Social Development, which shows that the country’s unemployment has dropped in the third quarter of 2018, thanks to a recovering farm sector, and a growing national economy.

According to a report published late November by the NESDB, Thailand’s unemployment dropped to 0.96% of the country’s total workforce, which amounted to about 373,000 people. This number is lower than the same time period in the preceding year, which had an unemployment rate of 1.19%, which amounts to 453,000 people.

Comparing the unemployment rate from that quarter to the prior quarter, it’s a notable decrease. The second quarter of 2018 saw an unemployment of 1.07%, which amounts to about 411,000 people.

Thailand’s workforce amounted to a total of 38.7 million, an increase of 1.5% from the 38.2 million of the same quarter of the prior year. The figure is an increase of 0.63% from the prior quarter of 2018, where the Thai workforce totaled to 38.5 million.

In 2017, Thailand’s unemployment rate sat at 1.18%, with the country’s workforce totalling 38.1 million.

Secretary-General Thosaporn Sirisamphand, NESDB, says that the economic growth that Thailand is experiencing, alongside the great performance of the transport and warehouse sector, was responsible for the creation of jobs, with many recruitment companies in Thailand seeing additional openings.

For the third quarter of 2018, 38.3 million people were employed, which is an increase of 37.6 million in the same quarter of the preceding year, as well as the 37.9 million total in the first quarter of that year. Mr. Thosaporn says that total employment went up, both in the overall economy as well as key sectors, with the country seeing a year-on-year increase in employment of 1.7%. For the first time in 22 quarters, or about 5-and-a-half years, both agricultural and non-agricultural sectors saw growth.

Thosaporn noted that the employment in the agricultural sector increased by 1.9%, while the non-agricultural employment increased by 1.6%, which is the highest increase its seen in three years.

The NESDB also noted that unemployment dropped in Thailand, across all educational levels, with higher educational levels seeing higher unemployment rates compared to other educational levels.

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