The Bank of Thailand (BoT) has released the edited minutes of the Monetary Policy Committee (MPC) meeting, which reveals the financial position of businesses, especially those in the service sector, has become more vulnerable.
BoT Governor Sethaput Suthiwartnarueput said employment has been declining, both in terms of higher unemployment and fewer working hours per day. The combination of unemployed workers and employees working fewer hours reached 3 million in the second quarter this year, up from 1 million before the COVID-19 pandemic.
He said, during the pandemic, roughly 1.6 million unemployed people have returned to their hometowns. Most have moved from the service sector to agriculture, earning lower incomes. The number of unemployed workers, who have been out of work for more than a year, rose to 170,000 in the second quarter this year, a threefold increase in the level before the outbreak.
Mr. Sethaput added that the number of college graduates without jobs rose to 290,000, an increase of almost 90,000 from before the pandemic. (NNT)