![]() ![]() ![]() Thailand’s economy is dependent on exports, which accounted for some 60 percent of GDP before the pandemic. Failure to upgrade to higher-value industries and improve competitiveness in services may constrain Thailand’s long-term growth potential. The Board of Investment (BOI) announced in February 2022 that the combined value of foreign and local investment applications in 2021 totaled 643 billion baht (US$19.4 billion), an increase of 59 percent from the previous year.Įlectricals and electronics topped the list of targeted sectors, attracting 104.5 billion baht (US$2.8 billion) followed by the medical sector (62.2 billion baht (US$1.6 billion)), petrochemicals (48.4 billion baht (US$1.3 billion)), agriculture (47.7 billion baht (US$1.3 billion)), and automotive and parts (24.6 billion baht (US$672 million)).ĭespite the shift from an agrarian to an industrial economy, the bulk of the workforce remains in low-scale and low-productivity activities. The country has experienced growing domestic consumption over the decades coupled with robust export-oriented manufacturing, resulting in the country gaining the status of an upper-middle income nation in 2011.įurther, Thailand is also benefitting from Sino-US trade tensions with several Chinese-based firms relocating part of their supply chain to Thailand, especially for electronics, chemicals, and automotive. As the second-largest economy in ASEAN behind Indonesia, Thailand presents ample investment opportunities for foreign businesses. ![]()
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