Thailand has proven its ability to progress in its development during the past four decades significantly. In 2011, the country moved from a low-income country to an upper-middle-income through sustainable growth and remarkable poverty reduction.
With an average annual growth rate of 7.5% from 1960 to 1996 and success in surviving the Asian Financial Crisis by 5% of economic growth, Thailand inspires the rest of the world as one of a few extraordinary economic development success stories.
The country recorded a slower growth of 4.2% and 2.4% in 2018 and 2019, respectively. The changes were due to the drought that heavily impacted one of Thailand's most prominent industries--the agriculture sector.
In addition, the weaker demand for exports mirroring tensions between China and the U.S. has also burdened the matters in hand, snowballing the weakening trade traffic to the modest number of public investments.
Despite Thailand's vigorous response in handling the COVID-19 pandemic in 2020, the economy was severely affected as countries went into lockdowns.
Resulting in a sharp decline in trade and tourism, disturbing supply chain management worldwide, and weakened domestic consumption.
As a result, the country experiences nationwide job losses that primarily affect vulnerable households, threatening the country's successful gain in reducing poverty nine years prior.
The Thai government's policy responses focus on bolstering economic activity and supporting economic continuance by prioritizing support for the most vulnerable.
According to Market Research Thailand’s findings, among its many programs and regulations, agile medical responses, and cash transfers play an essential role in reawakening its economic activities.
However, the country's central bank, The Bank of Thailand (BoT), remains modest in its prediction, forecasting economic growth forecast of up to 2%, depending on the COVID-19 vaccination rollout and distributions.
The BoT's assumptions excluded the Thai government's new initiatives to tackle the new wave of COVID-19 pandemic, basing the prediction on the worst-case scenario that vaccine procurement and distribution will only provide around 64.6 million doses this year.
The delayed vaccination rollout will push herd immunity to the third quarter of 2022, directly slowing down economic recovery and prolonging the rising unemployment rate.
Market Research Thailand assists industry players in identifying sustainable growth strategies within Thailand's multitude of industries, providing a grip of understanding towards the opportunities and potentials beyond the surface level.
Our engagements usually range from market entry strategies, competitive benchmarking, channel model identification, market assessments, M&A, and partner due diligence--without limiting one from the other.
With substantial background experience, Market Research Thailand helps clients enter and thrive in the Thai market by leveraging an in-depth understanding of the market's characteristics, allowing us to provide a one-of-a-kind perspective and insights essential to your needs.