Kasikorn Research Centre KRC advises in a new report that the Thai government should further develop the skills of the country’s workers and their productivity so that Thai products can compete more effectively in the global market.
The KRC recommendations were made after the National Wage Committee decision Thursday to increase the daily minimum wage by Bt8-17 countrywide effective Jan 1.It said the increase is slightly higher than the inflation rate and is considered “positive news” to workers throughout the country.
However, Thai industry will encounter a challenging problem next year on the rise of operational costs due to the increase of the minimum daily wage and a decline in profit margin because of a fiercer competition in the market, both local and overseas.Thailand’s exports have been hurt by the strength of its baht currency and the shortage of skilled labour, KRC said.
Thailand’s economic growth expected to return to 2019 levels in mid-2023
Although the economy would recover next year, the recovery is still substantially below potential level resulting in a large output loss and could affect Thailand’s potential economic growth in the future with the economy expected to return to 2019 levels in mid-2023.
The Siam Commercial Bank (SCB), one of Thailand’s largest commercial banks, said in its latest economic outlook report that the country’s economy may wait until the second semester of 2023 to return to 2019 growth levels.(more…)
World Bank cuts Thailand’s GDP growth outlook to 1% in 2021
The World Bank has said that Thailand’s economy is forecast to grow 1% this year, down from the 2.2% projected in July, hit by a spike in COVID-19 cases and a delayed reopening to visitors.
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