The Thai labor situation has been affected by a slowing economy lasting from 2013, as well as price drops in farm produce that have impeded the agricultural sector's ability to fully engage farm workers. Considering this, KResearch predicts that the number of the unemployed will average higher at perhaps 320,000 in 2014 (ranging between 290,000-380,000), causing the unemployment rate to inch up to 0.8 percent (ranging between 0.7-1.0 percent), higher than the 0.7 percent in 2013. However, this projection is still considered very low, reflecting labor shortages in certain industries, notably unskilled workers that are still in high demand within several manufacturing sectors.
In our view, the rising unemployment, triggered by the decelerating economy, should diminish gradually in the near future. Therefore, over the longer term, larger challenges exist in the Thai labor market with labor shortages instead (particularly unskilled and semi-skilled workers), an imbalance between labor supply and demand in each industry, as well as declining productivity. These impediments may lower Thailand's competitiveness and overshadow our competence in creativity and craftsmanship, which outshine many other ASEAN states.
Bearing this in mind, relevant parties – governmental agencies, employers, the business sector and workers' representatives – should combine forces to ensure that labor quality is upgraded and that it is achieved in a practical way. To formulate an integrated workforce development plan, the government must take the lead by improving basic infrastructure, introducing educational reforms and devising an action plan to raise productivity. The private sector, meanwhile, can contribute to this development by seeking to create a more positive work attitude among workers by offering them better incentives and paying more attention to improvement of skills and qualifications required at work. This could be accomplished through on-the-job training as well as via study courses/seminars/field trips, along with the introduction of newer production technology that would facilitate simpler and faster work processes.
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