Survey predicts bleak future for labour-intensive industries | Bangkok Post: business

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Survey predicts bleak future for labour-intensive industries

Higher expenses will force 200,000 closures

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Labour-intensive industries will face a bleak outlook next year, while hundreds of thousands of businesses, mostly small and medium-sized enterprises, will close due to higher production costs from both rising raw material prices and higher wages, says a new survey. 

Thanavath: Warns ‘old-fashioned’ firms

Thanavath Phonvichai, vice-president for research at the University of the Thai Chamber of Commerce's Center for Economic and Business Forecasting, said rising production costs driven by the higher price of raw materials and the hike in the daily minimum wage to 300 baht starting on Jan 1 are expected to lead directly to the closure of 200,000 businesses.

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