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Overview

Proving its mettle: The country has rapidly bounced back from internal and external shocks
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The Kingdom of Thailand, formerly known as Siam, covers an area of approximately 514,000 sq km and is situated in the heart of South-east Asia. It lies between the Lao People’s Democratic Republic to its north-east, Myanmar to its north-west and west, Cambodia to the south-east and Malaysia to the south. The country is made up of 76 provinces, which are divided into districts, sub-districts and…

Overview

Testing times: Despite political uncertainty, the nation remains open for business
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Inheritors of an ancient land and a complex culture, today’s Thais once again face some difficult social and political challenges. Yet, despite the confrontation that has resulted from these tensions during much of late 2013 and early 2014, the country continues to grow and develop, with much of it unaffected by the turmoil in certain high-profile districts of Bangkok. Thais are a resilient people,…

Overview

A time for trading: As inward FDI recovers, focus shifts to securing Thailand’s position as a regional trade centre
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Thailand is the second-largest recipient of foreign direct investment (FDI) in South-east Asia after Indonesia, and exports accounted for 62.3% of GDP in 2012, or 75% including goods and services, according to the International Monetary Fund (IMF). Thailand stands as a key beneficiary of ASEAN integration given its central location, competitive production costs, investment climate and extensive industrial…

Overview

Moving on: Building on strong fundamentals, efforts are under way to diversify trade
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South-east Asia’s second-largest economy with a GDP of $366bn and a per capita income of $5168 in 2012, Thailand has the potential to become the world’s 23rdlargest economy by 2050, according to HSBC, up from 34th now. A diversified and competitive export base accounting for 62.3% of GDP in 2012, ranging from agriculture to high-end manufactured goods, and strong domestic demand, albeit from an…

Overview

A positive outlook: With increasing competition, lenders are diversifying their profit drivers
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After two years of rapid growth in lending to the private sector, Thai banks started 2013 faced with slowing growth and by building their counter-cyclical buffers. While the compound annual growth rate (CAGR) in loans and deposits averaged 3.25% and 5.84%, respectively, in the 15 years to 2012, according to Deloitte, loan growth jumped to 13.7% in 2012 buoyed by post-flood reconstruction and government…

Overview

Investors, foreign and domestic: The local market is attracting a wide range of capital sources
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With the market capitalisation of its bourse at around BT11.97trn ($391.42bn) as of late March 2014, Thailand has relatively deep and liquid capital markets by regional standards. A derivatives market has grown significantly since 2007, with particular interest in index and single stock futures, as well as gold futures (see analysis). With support from the Securities and Exchange Commission (SEC) and…

Overview

Labour pains: Contractors begin to look further afield for construction workers
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Even though the minimum wage has gone up and there is no shortage of work, the construction sector in Thailand is facing serious dearth of labourers. According to Chakporn Oonjitt, the executive director of the Construction Institute of Thailand, the number of people, both skilled and unskilled, employed in the industry has been well over 2m for years. In the first quarter of 2013 the total hit 2.84m,…

Overview

All change: Internet speeds and penetration are up, while efforts to promote IT-related skills, capacity and institutions continue
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With the country working through its telecoms issues, Thailand’s internet connectivity is about to improve exponentially. Wireless speeds are on their way up and wireless access is expanding rapidly. The broadband offering has been fairly solid in Thailand given the lack of widespread 3G and 4G. For a number of years people in the urban centres and many of rural areas could get connected to a relatively…

Overview

Feeding the roots: Even as political unrest holds back sales, the retail sector is investing
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The Thai retail sector is a study in contrasts. On the one hand, it is suffering acutely as the political protests drag on and consumer spending and confidence continue to fall. Investors are worried about the country’s economic future, in the near term at the very least, and are holding their breath and their money. On the other, Thailand is one of the leaders in retail, in the region if not in…

Overview

Irrepressible: Visitor numbers keep overtaking forecasts, despite recent unrest
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Setting targets for the tourism industry in Thailand has become a pleasing conundrum, with the forecasts seemingly fated to be bettered by the facts. The original goal of 24.3m for total visitors in 2013 represented an increase of 2m over 2012. When it became clear that the target was too low, a new one of 26.1m was set. Even the second number fell short of the 26.74m eventually recorded. The sector’s…