Employment growth drops in Q2 as economy slows
Thailand's employment growth slowed in the second quarter of 2023 as economic growth decelerated, with job growth mainly in the tourism and construction sectors, according to the state planning agency.
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Posted 8/28/2023, 2:58:00 AM
bangkokpost.com
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China's fiscal revenue growth slowed in the first seven months of 2023 due to signs of an economic slowdown, with fiscal revenue rising 11.5% compared to the previous year.
Thailand's economy grew at a slower pace in the second quarter due to weak exports and slower investment, prompting the government to lower its 2023 growth forecast, while the central bank may not raise rates again amidst faltering economic recovery and low inflation.
Malaysia's economic growth in the second quarter of 2023 was the slowest in nearly two years due to sliding exports and a global slowdown, prompting the central bank to warn of lower full-year growth and the possibility of the target being hard to reach.
Thailand's tourism and exports, particularly in the chemical and plastic sectors, are expected to decline due to the economic slowdown in China caused by the real estate crisis, leading to a significant decrease in the number of Chinese tourists visiting Thailand and affecting the country's overall economy.
Job growth in the private sector slowed in August, with only 177,000 jobs added, indicating a cooling labor market and a return to pre-pandemic levels of job creation, according to the ADP National Employment report.
U.S. job growth is slowing down but remains steady, with the unemployment rate settling at 3.5% in July and predictions that the August jobs report will show similar results, although concerns remain regarding potential slowdowns and negative growth.