The Federation of Thai Industries (FTI) is concerned that new graduates are facing unemployment due to the Thai economic slowdown.
FTI vice chairman Wallop Wittanakorn said the economic slowdown due to the ongoing political confusion has resulted in lower consumer spending and exports, while production in the industrial sector has also been affected. Full production levels have not been achieved, therefore work expansion has come to a halt, leading to no more new jobs, production on a holding pattern, and reduced overtime for present workers.
Mr Wallop said the private sector wished to see an election and the forming of a government for budget approvals. Otherwise, the Thai economy will go to recession, he said, and labour fill face unemployment problem, particularly new graduates.
The FTI executive said there are 400,000 new Thai graduates per year, with 150,000 of them likely to be unemployed. If a government cannot be formed in the next six months, the accumulated number of unemployed could reach more than 500,000, he added.