Economic Impact of LGBTQI+ Discrimination in Thailand
A recent report from Open for Business estimates that discrimination against LGBTQI+ individuals costs Thailand between fifty-one point eight billion and one hundred twenty-one point eight billion baht annually. Factors such as depression, healthcare for HIV/AIDS, and wage gaps significantly contribute to this economic loss. Experts stress the importance of inclusive policies and marriage equality legislation to improve not only Thailand's economy but also its global reputation as an LGBTQI+ friendly destination.
A new report by Open for Business highlights the financial impact of LGBTQI+ discrimination in Thailand, estimating annual losses between 51.8 billion and 121.8 billion baht.
The report, unveiled at an event co-hosted by Transtalents Consulting Group and Sasin School of Management, includes data showing the cost of high depression rates, HIV/AIDS-related healthcare, and wage gaps within the LGBTQI+ community.
Thailand incurs losses between 5 billion and 14.9 billion baht per year due to depression, and HIV/AIDS responses cost between 24.4 billion and 73.2 billion baht annually.
The wage gap results in further losses between 22.5 billion and 33.7 billion baht annually, which is higher than in neighboring countries like the Philippines, Singapore, and Vietnam.
Though progress exists, with Thailand being the only Southeast Asian country prohibiting workplace discrimination against LGBTQI+ people, there is much work to be done.
The recent approval of Marriage Equality law is seen as a positive step.
Stakeholders like Stephanie Galera of Open for Business, Nikki Phinyapincha of Transtalents Consulting Group, and Drew B Mallory of Sasin School of Management emphasize the need for inclusive policies and strategies.
The report also points out that a more inclusive society can boost economic indicators, citing support for LGBTQI+ initiatives across sectors as a way to enhance Thailand's reputation and economic standing.
The report, unveiled at an event co-hosted by Transtalents Consulting Group and Sasin School of Management, includes data showing the cost of high depression rates, HIV/AIDS-related healthcare, and wage gaps within the LGBTQI+ community.
Thailand incurs losses between 5 billion and 14.9 billion baht per year due to depression, and HIV/AIDS responses cost between 24.4 billion and 73.2 billion baht annually.
The wage gap results in further losses between 22.5 billion and 33.7 billion baht annually, which is higher than in neighboring countries like the Philippines, Singapore, and Vietnam.
Though progress exists, with Thailand being the only Southeast Asian country prohibiting workplace discrimination against LGBTQI+ people, there is much work to be done.
The recent approval of Marriage Equality law is seen as a positive step.
Stakeholders like Stephanie Galera of Open for Business, Nikki Phinyapincha of Transtalents Consulting Group, and Drew B Mallory of Sasin School of Management emphasize the need for inclusive policies and strategies.
The report also points out that a more inclusive society can boost economic indicators, citing support for LGBTQI+ initiatives across sectors as a way to enhance Thailand's reputation and economic standing.
