Human resources

摘要

Thailand's advantages as a cost-efficient base for labour-intensive production are diminishing amid increasing competition from low-income neighbouring economies such as Cambodia, Myanmar and Vietnam, which also boast a large workforce. When compared with other countries, Thailand's unemployment rate had been consistently low before the coronavirus (Covid-19) pandemic, and labour shortages were common in many industries. However, the unemployment rate rose to 2% in the second quarter of 2020, from 1% a year earlier, according to Thailand's National Statistical Office (NSO). The rate stood at 1.9% at the end of June 2021 (latest available). The unemployment rate is highest among the youth (those aged 15-24 years) at 8.5%, compared with 1.2% for adults 25 years old and over, as of end-June 2021. EIU estimates that the unemployment rate will average 1.8% during 2021 as Thailand continues to struggle with the economic crisis stemming from the pandemic.