Trends in the Recruitment and Job Placement Market in Thailand, April-June 2024

＜Market Overview in Thailand＞

In the January-March 2024 quarter, Thailand's GDP grew by 1.5%, down from the previous quarter's growth rate of 1.7%.

According to the ASEAN Automotive Federation (AAF), both vehicle sales and production from January to April fell by double digits compared to the same period last year, marking the ninth consecutive month of year-on-year decline as of April. In response to these trends, Subaru and Suzuki have announced they will cease production in Thailand. They plan to shift to importing and selling vehicles from Japan and other overseas locations.

＜Local Hiring Trends among Companies in Thailand＞

Due to the Songkran holidays in April and the long holidays in May, the hiring pace during this period has slowed down as usual. The rise in personal debt has led to stricter loan screenings, negatively impacting domestic sales of cars and home appliances. Under these circumstances, some companies have temporarily halted hiring for expansion purposes. However, there is still strong demand for hiring highly experienced and skilled personnel in high-level positions (MD/GM/production site managers) to replace expatriates. This hiring need is expected to continue.

Additionally, there are still companies planning new establishments in Thailand, which is expected to continue driving recruitment requests.

＜Job-Seeker Trends in Thailand＞

The number of registered job seekers remains almost the same as the same period last year. Due to the relative ease of obtaining work visas compared to other Southeast Asian countries, rising wages due to increased living costs, and the recent depreciation of the yen, interest in relocating to Thailand for work has grown among job seekers.

The demand for immediate contributors remains unchanged, with many job seekers leveraging their industry and job experience for new positions. There are still few job openings for applicants without prior experience.