Tom Sorensen | NPAworldwide

Shock report: Shrinking labour market in Thailand 

It’s not a secret anymore. Worker shortages will be the new normal. Not overnight, but over the coming decades.

Thailand’s population will shrink to as low as 40 million over the next five decades. 

The decline will obviously affect the country’s workforce. 

If the current trends continue, there will only be 22.8 million workers in 50 years. 

According to the Bureau of Registration Administration under the Ministry of Interior, Thailand's population was 66 million, and the workforce 38 million at the end of 2024.

Are your corporate brand and Employee Value Proposition strong enough to win the war for talent? 

Don’t sit on your hands. Doing nothing is a choice. Is that you?

You can jump straight to the full blog and scary story - click here. 

Or will you be left out in the cold, struggling to find the right talent when you need them most?"

The Law of Supply and Demand

You know what happens when a queue is too long, right? 

The law of supply and demand dictates that a low supply drives up the prices. 

In employment terms, that means the following… 

The World Bank has this to say

Thailand’s projected demographic changes will reduce the overall labour force by 14.4 million people between 2020 and 2060. 

What challenges will you be facing?

Blame the fertility rates, already low and dropping 

In 2024, Thailand's Total Fertility Rate (TFR) dropped to 1.0. 

This rate is notably lower than Japan's 1.2, placing Thailand among countries with ultra-low fertility rates, such as South Korea (0.68) and Singapore (0.97). 

2024 was also the fourth consecutive year in Thailand in which….