Lowest unemployment after coronavirus pandemic

Government-state-enterprise-private sectors run out of power to work.

Thai Rath Edition

  • economy

  • economic analysis

27 Aug 2022 6:42 a.m.





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The NESDB reveals that the unemployment rate in the second quarter of 2022 fell to the lowest since the Covid-19 outbreak, with 550,000 unemployed, representing 1.37%, while working hours adjusted.

better near the normal range

Dreadful to find people burned out at work

Household debt continued to expand.

Worryingly, households with high debt burdens will become bad debts.

Mr. Danucha Pitchayanan, Secretary-General of the Development Council

national economy and society

Announcement on Thai society in the second quarter of 2022 The labor situation has continuously improved.

Employed 39 million people, an increase of 3.1% from the expansion of non-farm employment of 27.4 million people, an increase of 4.9 percent from the same period last year.

In particular, manufacturing, wholesale/retail, and transportation/storage sectors expanded by 6.1%, 12.1%, and 4.9%, respectively, as a result of strong growth in consumption and exports.

The sectors with reduced employment were construction of hotels/restaurants.

Employment contracted by 5.4% and 2.6%, the slowdown in the construction sector.

Due to concerns from the economic situation, although it has improved, but there is high uncertainty.

While the hotel / restaurant sector, employment declined.

This is because the tourism sector is still in the recovery phase.

Even if entrepreneurs want to hire workers who leave their jobs during the COVID-19 pandemic

have not returned to the original system

The agricultural sector employs 11.7 million people, a decline of 0.8%, partly due to the shift of workers from the agricultural sector back to work.

At the same time, it was found that working hours improved close to the normal range.

Overall and the private sector were at 42.3 and 46.1 hours/week, increasing continuously and close to the same period of 2019, which was the period before the epidemic of COVID-19.

The number of virtually unemployed has dropped from 2.8 million in the second quarter of 2021 to 2.2 million at present.

and overtime workers

or working more than 50 hours/week, there were 6.3 million people, an increase of 5.5% from the same quarter last year.

The unemployment rate in the second quarter of 2022 is the lowest since the outbreak of COVID-19.

with 550,000 unemployed, representing an unemployment rate of 1.37%, a decrease in both unemployed

that have worked before

and never worked before

Unemployment continued to improve in all groups.

by long-term unemployed

or unemployed for more than a year, 150,000 people, a decrease of 1.2% from the second quarter of 2021. Unemployment by level of education has decreased at all levels of education.

And the unemployment rate in the system was 2.17%, down from 2.77% from the same period last year.

Issues to Follow

is the effect of inflation resulting in lower real wages.

especially of low-skilled workers

Including the beginning of a shortage of migrant workers.

“An interesting issue

Today, many workers around the world are starting to run out of work.

and quitting more jobs

For example, in Bangkok, it was found that workers in all occupations had a high level of burnout, with 77% of state enterprise employees experiencing burnout, followed by private companies (73%), civil servants (58%), and private businesses (48%).

For the issue of household debt in the first quarter of 2022, the value of 14.65 trillion baht grew by 3.6%, down from 3.8% in the previous quarter.

or accounted for as a proportion of gross domestic product (GDP) at 89.2%, decreasing from the previous quarter, slowing growth.

and stable loan quality

but must watch out for bad debt

especially other personal loans

credit card loan

and car loans

Including the need to monitor the impact of the cost of living and interest rates that tend to increase

which may affect the debtor

The ability to pay debts remained stable.

The issue that needs to be emphasized is that households whose income has not recovered and is affected by high product prices have more debt. In addition, other personal loans and credit

card loans increased the proportion of non-performing loans (NPLs) to total loans.

while car loans accounted for the proportion of special mention loans.

or loans with overdue payments of less than 3 months per total loan amount to a high level and increase

reflect the risk of incurring non-performing debt

especially in households with high debt burden

or have a low financial buffer.