immigrant workforce in the state had a bachelor’s degree
or higher (MTC, 1998).) In-migration has taken up much of the slack from
the shortfall of engineering graduates of colleges and universities in the state.
The number of foreign-born and, in most cases, foreign-educated technical
workforce has accumulated to a sizeable fraction of the total pool.
Furthermore, the figure suggests another source of increased technical
labour supply in Massachusetts: graduates who remain in Massachusetts. Of
the 6,000 graduates produced per year, a higher percentage stays in the state
,000 redundancies, raising the level of unemployment to 2.2 million as of June 1999. Real wages declined following the
pre-crisis tightening of the labor market. Real wage growth, which stood at
over 2 per cent per year in 1996, reversed itself. The real wage fell by more
than 7 per cent in 1998 and by 1.5 per cent in 1999.”56 While the initial
labor-force impacts were largely in urban areas, the effects were also felt in
the countryside, through both return migration of urban workers and reduced remittances. Since Thailand does not have a well-developed formal
social safety net