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BANGKOK: Thailand's economic woes continue to deepen due to the gloomy global financial picture and the Kingdom's ongoing political unrest. But security providers said that business is good even in these hard times.
Thailand's economic outlook is grim with the Kingdom expected to grow just two per cent in the next year.
Although financial anxiety abounds, security businesses are staying afloat during this lean period. The market sector is worth more than US$1 billion and employs nearly 400,000 workers.
Even in the economic downturn, Thais are still willing to spend on security measures to protect their businesses and that is why industry watchers said this sector continues to be profitable and viable despite being affected by the global financial crisis.
Ironically, the boom is a result of the troubled times.
Watcharaphol Bussamongkol, President of Security Service Association of Thailand, said: "Now there are more laid-off people. Consequently, there are more thieves who are willing to commit crimes. So it's highly important for offices to have security services. But I foresee that if this slump remains, the crime rate will be increased for sure."
For some Thais employed as security guards, the need for people like them provides a welcome sense of security.
One security guard said: "At first I tried being a security guard just for fun. I was a driver before, but I didn't like it so I wanted to try a new job."
Another security guard said: "I think being a security guard is good because I have some money to give to my family."
And it is not just guards that are in high demand. Businesses are also investing in CCTV cameras and other types of technology to help safeguard assets.
As the industry requires certain expertise, those who have experience in the military and police are finding themselves in an enviable position. - CNA/vm
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