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Thread: Thailand Economy

  1. #1
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    Thailand Economy

    You need at least one crystal ball to write stuff like this.

    BOT Says POo to recover by the end of 2015 (so our inflation predictions can be right...).

    https://www.bot.or.th/English/News%2...nation2015.pdf

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    I guess the elephant in that particular room is the exchange rate. I'm sure someone here knows how they are managing to keep it stable but if that goes on a run then I guess inflation predictions are out the window.

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    And according to Bloomberg this week Thailand is the happiest economy on the planet !?!?!?



    In what may come as a surprise, the least-miserable country in our analysis is the not-so-wealthy Thailand. That's partly thanks to an unusually low unemployment rate, currently tracking below 1 percent, that has so far failed to spur inflation. To be sure, the Land of Smiles, currently under martial law after a military coup last year, has a long way to go before it comes close to the living standards of developed economies.
    The 15 Happiest Economies*in the World - Bloomberg Business

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    Based on inflation and unemployment rates though. It should also be pointed out that happiness is becoming compulsory in Thailand with many unhappy souls being sent for re-education...
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    Quote Originally Posted by Steve@thaib View Post
    Based on inflation and unemployment rates though. It should also be pointed out that happiness is becoming compulsory in Thailand with many unhappy souls being sent for re-education...
    And also defining employed is probably slightly different to other countries ?!?..........

    More than 40 percent of Thailand's population is engaged in agriculture, where there is a high degree of underemployment and off-season unemployment. The underemployed are counted among the employed and make up about 0.5 percent of that total. If, for instance, you lose your job as a bank teller and return home and lend a hand at your dad's farm for at least one hour a week, you are considered as employed.
    The informal sector of the Thai economy, comprising anyone who's not covered by formal work arrangements, accounted for more than 64 percent of the total workforce in 2013. It includes street vendors and taxi-motorbike drivers, the self-employed and those operating in gray areas of the economy. They are largely counted as employed.
    Thailand's Unemployment Rate is*a*Ridiculously Low 0.6%. Here's Why - Bloomberg Business

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    ...and of course un-employment is largely irrelevant because there's no social security.
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    With around 3 million undocumented migrant workers working in Thailand and an unknown number of people remaining unaccounted for in the "Informal" work sector is it any wonder that the BOT concludes that only 0.5 - 1.0% of the "Workforce" is unemployed? In Australia for example, anything under 5% unemployed is known as "Full Employment".
    I think they must use the same statistical guys that work out the inflation rate to report "Unemployment".
    Both are comparable in that inflation is really negative (Deflation) right now, and a lot of Thais must be holding down two or more jobs...55

    5 factors push Thailand's unemployment rate ridiculously low | Bangkok Post: business

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  9. #9
    Super Moderator LivinLOS's Avatar
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    Populist policies are bad.. we must prosecute those who implement them..

    Unless its our team benefiting.. Because we dont like.. etc..

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    I'm waiting for rubber prices to bounce back....
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    Senior Member geir's Avatar
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    But we can't deny what we see in daily life here. Every business owner I know (Thai or Farang) really struggle to find staff, and if they manage to find some it's really hard to keep them. They can quit today and find a new job tomorrow. This is not necessarily trained people, just the average Joe in any job.
    A blowjob is better than no job!!

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    There is one thing I do not understand about the economy in Thailand (ok, there's many). If there is such a big demand for workers, why does it not seem to affect the salary?

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    Senior Member marc26's Avatar
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    Quote Originally Posted by Greatdane View Post
    There is one thing I do not understand about the economy in Thailand (ok, there's many). If there is such a big demand for workers, why does it not seem to affect the salary?
    It has
    My wife's family has had big salary increases and none have finished high school
    My MIL is going back to Thailand in May to a job paying her 20k/mo to be a caretaker for an older woman neighbor

  14. #14
    Senior Member nelsonone's Avatar
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    ^ I had a classic anecdotal moment of this the other day at one of my local restaurants...I was speaking with a young girl who is about 17 now but has worked as a PT waitress at this joint since she was about 14 at school...I asked her where she had been as I hadn't seen her for a bit...she said "i go work X bar for 2 month...pay me only 300 baht...and want me clean toilet...for what...hab Myanmar people can do that...I come back here...boss give me 500"...and with that she proceded to go back and sit behind the bar....555

  15. #15
    Senior Member geir's Avatar
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    Yeah, salaries between 15 and 20K is common these days even for uneducated people......
    A blowjob is better than no job!!

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    Super Moderator LivinLOS's Avatar
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    Quote Originally Posted by marc26 View Post
    It has
    My wife's family has had big salary increases and none have finished high school
    My MIL is going back to Thailand in May to a job paying her 20k/mo to be a caretaker for an older woman neighbor
    Agree the lower end wages really jumped when min wage rules got boosted.. Laboring went from 6 k a month to 9 plus for simple lowest type work.. Of course still doesn't apply to the migrant labor nearly as much.

  17. #17
    Senior Member marc26's Avatar
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    Quote Originally Posted by LivinLOS View Post
    Agree the lower end wages really jumped when min wage rules got boosted.. Laboring went from 6 k a month to 9 plus for simple lowest type work.. Of course still doesn't apply to the migrant labor nearly as much.
    My SIL is at the lowest at around 15k but has been with the company for years and works long hours so not the best jobs
    But my BIL's have skillsets, door installation and maintenance and all make high teens to mid 20's
    The amount of jobs thrown at my MIL by middle class Thais in their neighborhood is astounding

    So money is flowing around

  18. #18
    Senior Member Geespot's Avatar
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    You can only think that their economy is fooked due to export issues and foreign inward investment and slow stimulus and riddled corruption and slow start of infrastructure projects to develop other areas out of BKK

    Any thoughts on domestic consumption, which I think is the main stay for most Thais? Only issues I can think might be affected are tightening on domestic credit that might affect car sales and luxury goods? Other than that hidden inflation on food costs especially affecting lower incomes?

    Think i read there is pressure to increase minimum wage to 360 baht per day

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    It's sad when the low carbon emission hydroelectric projects are labeled environmentally destructive.

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