Thailand needs higher wages to succeed | Bangkok Post: opinion

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Thailand needs higher wages to succeed

  • Published: | Viewed: 2,919 | Comments: 3
  • Newspaper section: News
  • Writer: Pasuk Phongpaichit
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We often hear criticism from bankers, employers, and some economists that the increase to a 300-baht minimum daily wage is harming the Thai economy. 

Labourers on a work site. The idea that low wages keep production costs down, resulting in higher profit, more investment, and economic growth, in an outdated economic theory. PAWAT LAOPAISARNTAKSIN

According to them, a higher minimum wage will reduce economic growth by bankrupting small businesses and driving away investors, both Thai and foreign, to other countries such as Laos, Myanmar and Cambodia where the wages remain relatively low.

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