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400,000 More Farmers in Thailand

The National Statistical Office conducted a labor survey revealing that Thailands agricultural workforce has increased by 400,000 people year on year. Meanwhile, fewer laborers are entering the manufacturing sector.

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rice farmers Thailand

The National Statistical Office conducted a labor survey revealing that Thailands agricultural workforce has increased by 400,000 people year on year. Meanwhile, fewer laborers are entering the manufacturing sector.

The National Statistical Office reported the results of a labor survey that was conducted in August 2010, which found that there are total 38.7 million people currently in the workforce, an increase from last years figure by 410,000 people, up 1.1 percent from 2009.

rice farmers Thailand

The sector that experienced the greatest growth in the labor force was agriculture, which saw an increase of 400,000 people, up from the 15.42 million people the previous year to 15.82 million.

The sector that experienced the greatest growth in the labor force was agriculture, which saw an increase of 400,000 people, up from the 15.42 million people the previous year to 15.82 million. The sectors that have seen the most significant growth behind the agricultural industry are in wholesale and retail businesses, followed by the service industry and government employees.

Meanwhile, the industries that have seen significant drops in their labor forces were those in the logging, food, beverage and auto manufacturing sectors. At the same time, the non metallic mineral products, paper, leather and print advertising were the fastest growing manufacturing industries. The study found that there were a total of 22.89 million people working outside the agricultural sector.

Also according to the survey, there were total of 353,000 unemployed people in Thailand, making for a 0.9% unemployment rate, a decrease of 0.3% when compared with last year, which saw 93,000 fewer unemployed people in the workforce. However, compared to the month before the survey was conducted, there are 8,000 more employed Thais. Approximately 99,000 of the unemployed laborers were previously working in the manufacturing industry, while 86,000 were from service and commercial industries and 10,000 were from the agricultural sector.

The Bangkok Metropolitan had the highest unemployment rate, with 1.1 percent, followed by 1 percent in the Central region, 0.8 percent in the Northeastern region and 0.6 percent in the South.

via Thai-ASEAN News Network.

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Economics

Thailand’s Ministry of Finance expects 3.5 to 4.5% economic growth in 2022

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Ecommerce

Pakorn Peetathawatchai, President, The Stock Exchange of Thailand (SET)

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Pakorn Peetathawatchai, President, The Stock Exchange of Thailand (SET)

What measures has SET taken to support listed companies’ compliance with ESG standards?
PAKORN PEETATHAWATCHAI:

PAKORN: When we first began promoting ESG-compliant investments, we were met with little interest. We attributed this to a lack of clear data to showcase the economic benefits of ESG investment, and perhaps limited clarity as to what constitutes a sustainable or ESG-compliant investment. The launch of the THSI list and, subsequently, the SETTHSI Index, was designed to address this. Our most recent data, comparing returns for the SETTHSI Index with the broader SET and SET100 indices from April 2020 to April 2021, underscores the economic benefits of these investments: the group compliant with ESG standards outperformed the other two indices on every data point. 

As of May 2021 Thailand was home to CG and ESG assets under management totalling BT54.8bn ($1.7bn) across 50 funds – up from 23 funds in 2019. Meanwhile, of the BT187.1bn ($5.9bn) raised in green, social and sustainability bonds since 2018, BT136.4bn ($4.3bn) was raised in 2020 – 83% from the government and the remainder from development banks and private players. This rising demand, in a move to manage risk and generate returns, has been complemented by growing supply and promotion: supply from ESG-compliant businesses aiming for resiliency and sustainable growth, as well as promotion from regulators highlighting investment opportunities with good CG and SD practices. Indeed, the pandemic has been a catalyst in shifting the view of ESG compliance from a luxury to a requirement in the new normal.

In what ways can enhanced standard-setting and regulatory mechanisms overcome the remaining barriers to improved ESG performance?

PAKORN: A multi-stakeholder approach is crucial for enhanced ESG performance – not only in Thailand, but around much of the globe. This can also help to address the standout incumbent challenge: access to reliable, wide-ranging ESG data. For example, the 2020 update to the 56-1 One Report established clear ESG standards and triggered online and offline capacity-building programmes to support listed firms’ compliance. SET is developing an ESG data platform with a structured template to promote the availability of comparable data, maximise value added from corporate sustainability disclosures, and foster collaboration between the business value chain and stakeholders. This is expected to support Thai companies along their ESG journey in an economically sustainable way, result in a greater number of sustainability-focused products and services, drive sustainable investing in the Thai investment community and ultimately “make the capital market work for everyone”, as outlined in the SET’s vision.
 

 

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