The group’s calculation is based on registered workers under Section 33 of the Social Security Act, which refers only to employees who had been working for companies. The outlook is bleak for blue-collar Thai workers as factories have reduced shifts or laid off workers, while some other plants have shut down permanently, said Tanit Sorat, the vice-chairman of EconThai. “The Thai economy is slowing down. According to EconThai, the unemployment rate of 2% is higher than the number provided by the National Statistical Office (NSO), which reports an unemployment rate of only 0.9%. “The 0.9% rate does not reflect realistic data, as it suggests Thailand has the third-lowest unemployment rate in the world, which seems improbable,” said Mr Tanit.

Source: Bangkok Post August 09, 2024 16:39 UTC