Covid-19 effect: Unemployment in Thailand highest in 20 years, says think tank

[webfact]

Covid-19 effect: Unemployment in Thailand highest in 20 years, says think tank

 

 

A leading think tank that helps inform government policy has declared that more people are out of work in Thailand than at any time in the last 20 years.

 

The Thailand Development Research Institute (TDRI) said that 8 to 12 times more people are out of work now compared to the same period last year. 

 

This means that 4.6 million of the 38.19 million strong workforce are without jobs at the moment. 

 

The TDRI said that the severe economic impact of the coronavirus pandemic would only see signs of recovery in the fourth quarter of this year.

 

Even then the country should expect an economic slowdown for the next two to three years.

 

Source: Channel 7

 

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[mr mr]

i suggest focusing on hi so tourism to reduce the numbers ? 

[NB1986]

Is more important to have 0 cases in 35 consecutive days than highest unemployment in 20 years, that means that unemployment is even higher than post 1997 era...

[Forza2002]

Record unemployment and wealth disparity at it's highest ever, is this part of the master plan?

 

According to the Bank of Thailand’s research institute, the Puey Ungphakorn Institute for Economic Research, approximately 36 percent of Thailand’s corporate equity is held by just 500 people compared to the country’s current population of about 69,625,582 people. The institute’s report states that each of these 500 individuals amass some 3.1 billion baht (US$102 million) per year in company profits. This is compared to the average yearly household income of around US$10,000. Pretty eye opening stats... https://theaseanpost.com/article/growing-gap-between-richest-and-poorest-thais

[klauskunkel]

3 hours ago, webfact said:

Covid-19 effect: Unemployment in Thailand highest in 20 years, says think tank

however, the think tank is still fully employed... who would have thunk it (not me in my tank)

[Saint Nick]

Not to be overly sarcastic, but I hope the members of this "think tank" are well payed, for such groundbreaking discoveries!

[BoganInParasite]

5 hours ago, mr mr said:

i suggest focusing on hi so tourism to reduce the numbers ? 

Nailed it!

[Cake Monster]

A figure of 4.6 Million without work at present seems to me to be on the low side.

The one thing that is certain is that the figure will rise in Months to come, as the full impact of Covid hits the Thai Economy.

Manufacturing output was down Y on Y over 23% during May, and with many Companies still making  ( to put to stock ) which is a policy that is very short term for the Workers,this will soon dry up and the Workers will be laid off.

[Knocker33]

Is a think tank the new word for one of their hundred or so committees ?

[billd766]

6 hours ago, NB1986 said:

Is more important to have 0 cases in 35 consecutive days than highest unemployment in 20 years, that means that unemployment is even higher than post 1997 era...

Well 20 years ago Thailand was under the Democratic party and Chuan Leekpai and recovering from the 1997 Tom Yam Gung crisis.

 

Strangely enough the Democratic party is in the coalition government and Chuan Leekpai is the speaker of the House.

 

Thaksin didn't get voted in as PM until 9th February 2001.

[Blumpie]

2 hours ago, Cake Monster said:

A figure of 4.6 Million without work at present seems to me to be on the low side.

The one thing that is certain is that the figure will rise in Months to come, as the full impact of Covid hits the Thai Economy.

Manufacturing output was down Y on Y over 23% during May, and with many Companies still making  ( to put to stock ) which is a policy that is very short term for the Workers,this will soon dry up and the Workers will be laid off.

I agree.  

World demand on everything was basically halted for 3 months and all those factories need to sit idle for the equivalent of those 3 months.  Plus the demand is no longer going to be there until the pandemic is gone.  

It's not looking good at all, but at least this is probably the low.