Bloomberg: Thailand has one of the lowest unemployment rates

Thailand has one of the lowest unemployment rates in the world, with only 0.56 percent of the people unemployed compared to India’s 9.4 percent and the Philippines’s 6 percent, says a Bloomberg magazine article.

Bloomberg said the unemployment rate is due to structural variations rather than any difference in defining the term ‘unemployment’. It said the agricultural sector took up the bulk of the labor force, with more than 40 percent of the Thai population working in the fields, according to a Bank of Thailand spokesman, Chirathep Senivongs Na Ayudhya.

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It also said the temporarily unemployed in Thailand often find jobs in “informal sectors,” and thus are defined as being gainfully employed. The informal sectors comprise street vendors, motorcycle taxi drivers, the self-employed, and those who do not work in an office, which includes the underemployed, people who are skilled but work for low wages or in low skilled jobs, and part-time workers looking for full-time jobs. Some laborers working on the farm are also counted as underemployed or seasonally employed, but not unemployed.

Another factor contributing to the low unemployment rate in Thailand, according to the article, is the country’s low fertility rate, which means older people– 60 or above–who are retired or no longer in the work force make up a large part of the country’s population. Other factors include unregistered foreign workers from Cambodia, Laos and Myanmar, who have yet to be included in the employment data. Thailand has registered 1.6 million foreign workers since last year. – See more at: http://thainews.prd.go.th/CenterWeb/NewsEN/NewsDetail?NT01_NewsID=WNPOL5803050010006#sthash.medXSyie.dpuf

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