Thailand’s construction industry is now facing labour shortage resulting in stagnancy of new projects, according to the Construction Institute of Thailand.The institute director Chakporn Oonjitt said the construction industry cannot expand or begin new projects due to a severe labour shortage, particularly in housing development projects.
He said this resulted in the delay of housing transfers to home buyers, and predicted that the existing labour force is still insufficient for 2012-2013 state and private construction projects.Mr Chakporn said the construction sector grew by 15 percent this year, with at least Bt900 billion investment cost, but project expansion could not reach the target it should have.
The National Statistical Office reported a shortage of at least 300,000 labourers, according to the the institute director, adding that the country’s construction industry needs up to 2.9 million workers this year due to increasing projects, above averages of other years of 2.3-2.6 million.
Vaccine shortage could derail Thailand’s economic recovery
As much of the Asia-Pacific region is gearing up for a 2022 reopening and recovery, Thailand is now lagging behind many countries in vaccine procurement and sluggish vaccine campaign threatens the country’s economic recovery.
China’s new three-child policy highlights risks of aging across emerging Asia
Thailand’s (Baa1 stable) total dependency ratio is set to jump nine percentage points to 51% by 2030 – a faster increase than China’s – which will pressure public and private savings through higher taxes and social spending, reducing innovation and productivity gains.
Population aging in China (A1 stable) and other emerging markets in Asia will hurt economic growth, competitiveness and fiscal revenue, unless productivity gains accelerate, according to a new report by Moody’s Investors Service.(more…)
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