8.4 million jobs in Thailand at risk due to COVID-19

The country's unemployment rate is also set to increase to 3-4%, a level not seen since the 1997/98 Asian financial crisis.
By: | May 29, 2020

8.4 million people in Thailand are at risk of losing their jobs due to the COVID-19 pandemic, with the tourism industry being the hardest hit.

The second-largest economy in Southeast Asia has been brought to a standstill with tourism numbers hitting rock bottom due to the global travel restrictions.

And as businesses start to reopen and recover, the Thai government believes the economy is not out of the woods yet.

Thosaporn Sirisumphand, head of the National Economic and Social Development Council, revealed in a media briefing the number of jobs at risk in the country – 2.5 million in the tourist sector, 1.5 million in the industrial sector and 4.4 million in other parts of the service sector.

The unemployment rate is also expected to increase from the usual level of 1% to around 3% to 4% this year – a level not seen since the 1997/98 Asian financial crisis, he added.

“But government relief measures and ones to rebuild the economy as well as the reopening of businesses in May will help increase jobs,” he said

“That is based on an assumption that the outbreak situation can be controlled from May, which will spur economic activity,” he added.