NESDC Reports Q3 Job Creation Recovery


Employment growth picked up in the third quarter, according to data released by the National Economic and Social Development Council (NESDC) (Q3). Even yet, the main workforce remained a major factor in the high percentage of defaulting loans (NPLs).

Approximately 39.6 million individuals were employed in the third quarter, an increase of 2.1% from the same period last year, according to the NESDC’s report on employment and society in Thailand. In the third quarter, the agriculture industry added 2.72 million jobs, or 4.3% of the total. Retail added 4.5% to its workforce, while the hospitality industry added 8.3%, and manufacturing added 1.4%.

Credit Bureau monitoring of the lending system’s 25 million borrowers during the third quarter revealed an NPL total of 1.09 trillion, or 8.4%, down from 8.6% (1.1 trillion baht) in the same time a year before.

An NPL rate of 6.5 percent was reported for vehicle loans by the NESDC Office, which was unchanged from the previous quarter. Borrowers between the ages of 25 and 42 accounted for the biggest share of NPL debt, totaling 340 billion baht (92,000 accounts). The agency suggested that the government execute more economic stimulus measures to raise the income of the debtors in this group because the NPLs showed growing expenses and interest rates.

Author: kanyapat


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