The Unemployment rate of Thailand attained a value of 1.09 % in 2024
The indicator recorded a historical change (bps difference) of 84 bps between 2021 to 2024, and is expected to decline by...
GlobalData projects the figure to change by 1 bps between 2025 and 2029, reaching...
Unemployment
Unemployed people are those that are actively looking for work but are having no luck. The unemployment rate is derived by dividing the total number of unemployed people by the total population of a certain region or workforce. It is one of the most important measures of a country's economic health.
Global Unemployment
The International Labour Organization estimates that by the end of 2021, the average regional unemployment rate will be 9.6%, down from the 10.6% it reached in 2020 but up from the 8% that was noted in 2019, which is used in this case as a benchmark to determine the impact of the pandemic's first two years.
The Organization for Economic Cooperation and Development (OECD) reported that the unemployment rate in OECD regions fell below the pre-pandemic rate when its February 2022 unemployment numbers were published in April 2022. Since this data series' inception in 2001, this is its lowest point. Additionally, the OECD region's unemployment rate decreased further, dropping by 0.7 million to 34.9 million people.
Unemployment Rate of Thailand
The unemployment rate in Thailand in 2021 stood at 1.5%. Between 2018-2021, the unemployment rate in Thailand was highest in 2020 at 1.6% and lowest in 2019 at 0.9%. The unemployment rate decreased by 8.1% on a year-on-year basis in 2021 and increased by 10.0% between 2018-2021.
The unemployment rate increased to 1.63% in 2020, from 0.99% in 2019, due to COVID-19 pandemic-related job losses. Due to the contraction of the Thai economy, the government failed to increase job opportunities amid COVID-19 restrictions. The unemployment rate declined to1.5% in 2021, according to GlobalData, as jobs start restoring with the reopening of economic activities.
In 2020, the unemployment rate increased to 1.63%, compared to 0.99% the previous year, due to job losses amid the COVID-19 pandemic. According to the State Planning Agency of Thailand, its unemployment rate hit a 12-year high in Q1 2021 due to the renewed COVID-19 outbreaks, as the country reimposed measures to contain the third wave of infections, as of May 2021. As GlobalData reported Thailand has witnessed unemployment hover around 1.5% in 2021.
Factors that Cause Unemployment
Some of the key factors that affect unemployment in a nation are recession, government policies, geographic labor mobility, technological breakthroughs, the global economy, growing populations, and worker education, training, and skill development.
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