Thailand Economy 2017
Now that January and the new year’s festivities are behind us, the year is getting into full swing. It’s time to have a think about how the Thailand economy 2017 is going to shape up.
If you have been to Thailand at any point over the last 3, 5 or even 10 years you’ll be able to see quite clearly yourself that it’s undergoing a prolonged period of growth that has never been seen before.
Even though Thailand has had it’s share of political ups and downs over the last three years, the economy has actually continued to rise at a steady pace. Keeping up confidence among both foreign and domestic investors, moving forward into the Thailand economy 2017.
Take a look at some of the figures that back this up.
Thailand’s GDP (gross domestic product) grew by a solid 3.5% from 2015 by the second quarter of 2016. An increase on the first quarter of the year, which saw a 3.2% expansion, surpassing the ‘projected’ 3% increase forecast.
This represented the strongest GDP growth since 2013’s first quarter!
The Baht has remained strong vs the U.S and other global currencies, yet Thai exports of both goods and services have continued to rise by over 0.5% to date. Imports decreased once again, keeping a positive ‘balance of trade’ confirming confidence and sustainability for the Thailand economy.
International and domestic tourism to Thailand are also on the rise, with hotels, tourist attractions and associated business all reporting an increase of business within this sector, totaling a whopping 12.7%.
This is due to Thailand’s commitment to making the country a leading holiday destination for foreigners, while also catering for Thailand’s growing ‘domestic holiday makers’.
As the average standard of wealth among Thai people continues to increase, so does their desire to travel, vacation and enjoy their own country.
The Tourism Authority of Thailand (TAT) confirmed that international tourist arrivals alone, were over 32 million 2016. We expect there to be even more in 2017 and beyond.
Both the ADB (Asian Development Bank) and the World Bank expect to see an overall growth rate of 3.2% for the Thai economy in 2017. This is of course welcome news for the Thailand as a whole but also for foreign investors looking for opportunities in all sectors.
Further details on the Thailand Economy Outlook