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Essay On Unemployment In Thailand

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Thailand has undergone major industrial and social transformation amid rapid economic growth and development for over half a century. It is now the second largest economy with the 4th highest income per capita in the Association of Southeast Asian Nations. It has successfully shifted its economy from agriculture to export-oriented manufacturing, while integrating key production, particularly automobiles and electronics, into regional value chains. It has also been quite successful in attracting foreign direct investment, particularly in export-oriented sectors.
A series of shocks over the past decade has hit the economy in the last 10 years, however, including a coup in 2006 and subsequent political unrest, the global financial crisis and …show more content…

It focuses on the structural problems within an economy and inefficiencies in labour markets. Structural unemployment occurs when a labour market is not able to provide jobs for everyone who is seeking employment. There is a mismatch between the skills of the unemployed workers and the skills needed for the jobs that are available. It is often impacted by persistent cyclical unemployment.
Frictional unemployment is another type of unemployment within an economy. It is the time period between jobs when a worker is searching for or transitioning from one job to another. Frictional unemployment is always present to some degree in an economy. It occurs when there is a mismatch between the workers and jobs. The mismatch can be related to skills, payment, work time, location, seasonal industries, attitude, taste, and other factors.
Cyclical unemployment is a type of unemployment that occurs when there is not enough aggregate demand in the economy to provide jobs for everyone who wants to work. Unemployment Rate in Thailand decreased to 0.87 percent in February from 0.91 percent in January of 2016. Unemployment Rate in Thailand averaged 1.49 percent from 2001 until 2016, reaching an all-time high of 5.73 percent in January of 2001 and a record low of 0.39 percent in November of

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