Thailand's employment situation remains stagnant, with 40 million people employed nationwide, according to the National Economic and Social Development Council's (NESDC) Q3 2024 report. Employment in non-agricultural sectors grew by 1.4% to 27.8 million, while agricultural sector jobs declined by 3.4% to 12.2 million. Of the total employed, 1.6 million are underemployed, and 190,000 are in low-skill jobs.

Sectoral Trends:

  • Employment increased in transportation and warehousing (+14%), hotels and restaurants (+6.1%), and construction (+0.7%).
  • Manufacturing and retail sectors saw declines in employment.

Wages:

  • Average monthly wages for all workers stood at 16,007 THB.
  • Private-sector workers earned 14,522 THB monthly, while formal employees received 15,718 THB.

Rising Unemployment:

  • Unemployment rose to 410,000 people, a 3.2% increase year-on-year. University graduates represent the largest group of unemployed (150,600), followed by those with lower secondary (67,200) and upper secondary education (65,000). Vocational graduates had the lowest unemployment rate (20,500).
  • Long-term unemployment (over one year) grew by 16% to 81,000 people, with 71.3% being recent graduates aged 20–29, struggling to find jobs.

Challenges and Recommendations:

  1. Workers in traditional industries, such as internal combustion engine manufacturing, must adapt to emerging sectors like electric vehicles.
  2. Thailand must prepare a skilled workforce for new industries; the BOI estimates a demand for 170,000 workers, highlighting a reliance on foreign labor.
  3. Floods have worsened agricultural commodity prices, increasing public expenses.

This reflects broader global shifts in labor markets, driven by technological advancements like EVs and AI and economic challenges.