Thailand’s Hospitality Sector Job Growth Surges 8% in Q4 2023

Summary

• Employment in the hotel and restaurant industry in Thailand witnessed an 8% annual growth in the last quarter of 2023.
• The National Economic and Social Development Council stated this growth was directly linked to an uptick in tourist arrivals.
• The unemployment rate fell to 0.81% in this quarter from 0.99% in the previous three months.
• However, critics argue that Thailand’s definition of unemployment is somewhat narrow since it only accounts for those not working at all within a surveyed week.
• Thailand’s workforce rose to 40.7 million in the 2023’s last quarter, a slight increase from 40.5 million in the quarter before.

Employment Growth in Thailand’s Hospitality Sector

The hotel and restaurant industry in Thailand saw job increase by 8% annually in the last quarter of 2023, driven by a surge in the number of tourists, as reported by the National Economic and Social Development Council.

Decrease in Unemployment Rate

The country’s unemployment rate also showed improvement, falling to 0.81% during the October-December period compared to 0.99% in the preceding three months, as per the same agency.

Controversy Over Unemployment Metrics

However, Thailand’s method of measuring unemployment, which only considers those who do not work a single hour in a given week as unemployed, could potentially misrepresent the actual jobless rate. Critics argue this does not accurately take into account the substantial unofficial economy of Thailand.

Workforce Size Increase in Q4

The fourth quarter of 2023 saw Thailand’s workforce increase to 40.7 million from 40.5 million in the preceding quarter, as stated by the planning agency.

Source: https://money.usnews.com/investing/news/articles/2024-03-03/thailands-employment-growth-rises-in-q4-on-increased-tourism#:~:text=Jobs%20in%20the%20hotel%20and,three%20months%2C%20the%20agency%20said.