The unemployment rate is the number of people looking for work divided by the total number of people in the labor force. In an economy, the economists use the labor force participation rate to analysis the unemployment rate. Labor force is the number of people employed plus the number of people who are unemployed. Unemployment rate never fall to zero and it fluctuates around the natural rate of unemployment. There are 3 types of unemployment: structural, cyclical and frictional. Cyclical unemployment is the deviation of unemployment from its natural rate. Structural unemployment occur where the market provide insufficient works for the people who are seeking for job. Frictional unemployment is where the time period in between when a worker …show more content…
This is because Thailand has a well-developed infrastructure, strong in industries exporting and clear investment policies. Thailand manage to reach a steady growth due to industrial and agriculture exports which contained of agricultural commodities, electronic, processes foods and automobiles. Thailand has the lowest unemployment rate in the world, which is as less than 1% of the total labor. This has successfully increase the wages in some industries. The job offered has also attracts around 2.5 million migrant workers from neighboring countries to seek for job in Thailand. The Thailand government also set a minimum wages policy which at least 300 baht (RM33.26) per day for the workers. If the employee didn’t pay to the workers according to the minimum wages policy will be facing 6 months jail and or a 100,000 baht (RM11085.53) …show more content…
The political crisis has affect Thailand long term growth potential. In addition, the exports and the infrastructure spending plan in Thailand has been staying weak and the domestic demand is also become low. This has directly cause the foreign stop investing in the industries. The outlook for Thailand’s economy is harsher now. The state agency in Thailand cut its yearly expansion prediction to 3.8 percent from4.3%. The export growth target is also decreases from 7.6% to
The basic definition of unemployment is without work. In macroeconomics, unemployment has a very precise definition and different types of unemployment. Unemployment is defined as the total number of adults (aged 16 years or older) who are willing and able to work and who are actively looking for work but have not found a job. (Miller 140).
The apartment and the feng shui that give importance to nature as well as design the country to suit with the urbanization of the world. I always thought that Korea could rise because of the superstar in K-pop industries and TV series which also linked to the tourism business. I never know that the Korean already have plan for their success. They welcome the industries and pave their children toward high education. This make it quite obvious why Thais are not able to grow like Korea even though we did not has to suffer much from the world war. Thais did not take plan into action and our governing system is erratic; we lack a person who guide us to the development of the world. Thais also have a problem with education system. Some students graduate without knowing much about their field of study or being ready to work from the theory they have learned. On the other hand, in Korea’s major city seems like a western city but maybe that is what happened most developed country are likely to get the influence of western
As Canadian's fertility rate fells, baby boomers retires, immigration and foreign workers becomes very important for the increase of labor demands in the Canadian's job market. The government is planning to reduce the application waiting time and therefore there will be more newcomers coming in the next fewer years. Canadian companies will then have many experienced and foreign trained applicants where they can help Canadian companies to increase their foreign trade and to build a better relationship with the other country. However, new comers have difficulties in finding employment because of their unrecognized foreign qualifications, non Canadian work experienced and the lack of support in the settlement programs where they get help to find employment.
On attaining independence in 1963, the inaugural Kenya government identified poverty illiteracy, disease and unemployment as the most debilitating of challenges facing the country. Almost five decades later, despite numerous policy efforts, these challenges continue to enslave many Kenyans. The situation is even more debilitating when one is a youth. According to the Kenya Integrated Household Budget Survey , approximately 67 per cent of the unemployed in the country are youth.
But, if the Thai domestic political atmosphere remains a serious confrontation, these measures can be hardly effective. The most important thing to have stable economic development is inseparable from the national peace and social stability. In the end, just like the website by Bangkok Post reported “The revision on the Thai economy was based on the impact of global recession and the current political uncertainty, which have hurt confidence of the business sector and diminished the domestic consumption”.
- Unemployment rate: Percent of people in the labor force is not working but searching for work.
Inflation refers to an increase in overall level of prices within an economy. In simple words, it means you have to pay more money to get the same amount of goods or services as you acquired before. By contrast, the term unemployment is easier to understand. Generally, it refers to those people who are available for work but do not find a work. And unemployment rate, which is the percentage of the labour force that is unemployed, is usually used to measure unemployment (Mankiw 1992).
The current world economy is grappling with many challenges of which unemployment, especially among the youths is such a major concern. However, the effects and implications of unemployment are argued from the perspective of how it dictates the economic health of a particular nation or state (Kleck & Jackson, 2016). A high unemployment rate is associated with distress among citizens owing to the negative implications it has on their spending capacity or disposable income. Not only has the world suffered the adverse effects of the current economic recessions but to a greater degree, a lot is being associated with the increased vices in the society (Andresen, 2015). Experts have tried to explore the relationship or link between unemployment
In America the minimum wage is $7.25 an hour plus overtime. (Perez, Thomas E. "Wages." U.S. Department of Labor. N.p., n.d. Web. 25 Sept. 2013) This is the minimum standard set for Americans who hold a job. The reason top retail companies invest their money into sweatshops because it’s cheap labor. Sweatshops hire in the thousands paying each employee only a fraction of minimum wage. To the workers, the amount of money presented is obviously not enough, but they keep coming back due to the lack of well-paying jobs in their countries. Also in America and Europe, it’s a policy to hire individuals at a certain age and to work them for a certain amount of time. These sweatshops completely disregard these guidelines and hire children, working the same hours and being treated as every other slave in the sweatshop. Under paying and beating employees is one case, but using the same enforcements on children is a down right shame. Although it may be more expensive to buy from American companies, at least the products they produce are made with no force or
The lowest twenty percent of the population controls just one percent of the nation’s wealth. The bottom twenty’s average income per month consists of approximately 1,440 baht, which is equivalent to about forty-five U.S. dollars. Labor jobs are generally very low in payment. That is why you see Japanese car-producing companies transferring manufacturing operations to Thailand. That allows their profits to increase exponentially, that is because wages for labor jobs are very poor in Thailand.
People need money to purchase all kinds of goods and services they needed every day and sometimes, for goods or services they desire to own. To fulfill that, they have the essential need to earn money. In order to earn money, they must work in either in fields related to their interests or to their qualifications. However, people will meet different challenges during their jobs-hunting sessions, such as many candidates competing for a job vacancy; salaries offered are lower than expected salaries and economic crisis or down which causes unemployment. Unemployment is what we will be looking into in this report. Dwidedi (2010) stated that unemployment is defined as not much job vacancies are available to fulfill the amount of people who want to work and can work according to the current pay they can get for a job they chose to work as. There are four major types of unemployment: frictional, structural, cyclical and seasonal unemployment.
However, on balance a remarkable record of development. During this period of rapid growth and economic transformation, Thailand became increasingly integrated into the world economy through trade and investment flows, and production linkages. As the economy expanded rapidly and became more complex in structure, it posed more and new types of strains and challenges to economic management or “governance” systems at both the macro (i.e. public policy) and micro (enterprise) levels. As the relative role of the private sector increased in the economy, the importance of enterprise management and performance correspondingly increased. Looking more deeply at Thailand’s performance, manufactured exports grew by about 23% per year between 1980 and 1995, almost doubling during 1992-1995. However, in 1996 export growth fell practically to 0 per cent, with labor-intensive exports usually identified as the main culprit. Certain factors are generally cited as responsible for this abrupt and dramatic decline:
It’s hard to live a normal healthy life without a job and money. There are a variety of reasons why people are unemployed. Being unemployed can cause one to experience financial, emotional, and personal problems.
Unemployment rates is the number of unemployed people divided by the number of people in the labor force. According to IndexMundi (2018), the unemployment rate of whole world in year 2017 is 7.9%, which was increased 0.6% compare with year 2016.
Youth unemployment is a global problem facing both developed and developing economies. The United Nations define youth unemployment as individuals between the age of 15 and 24 years not employed and actively seeking employment. Statistics only consider youths who have attained the required age of employment who are willing and able to work but without jobs. Unemployment rates raise concerns in all economies. However, the rate and trends vary from one country to another irrespective of the country’s development status. For instance, in Cuba, Sierra Leone and Germany, youth unemployment rates were below 10% as per the year (Petersen & Mortimer, 2011). Sierra Leone is a developing country while Germany is a developed country yet their youth unemployment rates are comparable. On the other hand, youth unemployment rates in South Africa, Armenia and Spain were above 50% as per the year 2010 (Petersen & Mortimer, 2011). In most countries, youth unemployment rate is more than double as compared to an unemployment rate in people above the age of 24 years. Canada is not an exemption as the youth unemployment rate is raising major concerns. In the recent years, issues of youth unemployment have dominated political debates and social forums. More and more youths are leaving institutions of higher learning to end up being jobless. A considerable proportion of the youths are doing jobs that are below their level of educations. Organizations are raising standards in jobs where jobs previously performed by high school leavers are being given to diploma and degree holders. Since 1966, general unemployment rate has averaged at 7.75%. As per April this year, the unemployment rate among the youths was 14.5%, w...