Thailand’s Q4 Employment Boost: Tourism Surge Spurs Job Growth
Thailand Witnesses Employment Surge in Q4 2023, Fueled by Tourism Revival
Bangkok, Bollywoodfever, March 3:Â In the fourth quarter of 2023, Thailand experienced a notable 1.7% increase in employment compared to the same period the previous year, with the tourism sector playing a pivotal role in this growth, according to the National Economic and Social Development Council (NESDC).Â
This rise follows a 1.3% year-on-year increase observed in the third quarter, underscoring a positive trend in the country’s job market.
The NESDC highlighted a significant 8% annual growth in employment within the hotel and restaurant industry during the last quarter of 2023, attributing this uptick to the influx of tourists. This sector’s expansion is a testament to the robust recovery of Thailand’s tourism industry, which is a critical driver of the national economy.
Moreover, the unemployment rate in Thailand saw a decrease, moving from 0.99% in the July-September period to 0.81% in the October-December quarter. It’s important to note, however, that Thailand’s unemployment metrics are based on a narrow definition, considering individuals who did not work even a single hour during the survey week as unemployed. This definition often overlooks the substantial informal economy prevalent in the country, suggesting that the actual employment landscape might be more nuanced.
The NESDC’s report also revealed an increase in the size of Thailand’s workforce, which grew to 40.7 million in the fourth quarter of 2023, up from 40.5 million in the preceding quarter. This growth indicates a strengthening labor market and reflects the country’s ongoing economic recovery efforts.
As Thailand continues to navigate its post-pandemic economic resurgence, the positive trends in employment and the significant role of the tourism sector highlight the nation’s resilience and the potential for further growth in the coming years.
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