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Thailand

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 Thailand brief: - A snapshot of Thailand's Economic climate and relationship with San Diego


Background

With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year. The global financial crisis of 2008-09 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.2%. In 2010, Thailand's economy expanded 7.6%, its fastest pace since 1995, as exports rebounded from their depressed 2009 level. Antigovernment protests during March-May and the country's polarized political situation had - at most - a temporary impact on business and consumer confidence. Although tourism was hit hard during the protests, its quick recovery helped boost consumer confidence to new highs. Moreover, business and investor sentiment remained buoyant as Thailand's stock market grew almost 5% during the three-month period. The economy probably will continue to experience high grow well into 2011.

Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for nearly 70% of GDP in 2010. Through 2010, the United States was Thailand's third-largest single-country export market after China and Japan, and the third-largest supplier after Japan and China. It's increasingly diversified manufacturing sector is the largest contributor to GDP growth. Industries registering rapid increases in production have included computers and electronics, furniture, wood products, canned food, toys, plastic products, gems, and jewelry. High-technology products such as integrated circuits and parts, hard disc drives, electrical appliances, vehicles, and vehicle parts are now leading Thailand's growth in exports. As for imports, machinery and parts, vehicles, electronic integrated circuits, chemicals, crude oil and fuels, and iron and steel are among Thailand's principal imports.

Although the economy has demonstrated moderate positive growth in recent years, there are several main challenges that Thailand has to face. Thailand's relative shortage of engineers and skilled technical personnel may limit its future technological creativity and productivity. Future performance also depends on moving up on the value-added ladder away from low-wage industries where regional competition is growing. Key reforms are needed to open the financial sector; improve the foreign investment climate, including updating telecommunications capabilities; and stimulate domestic investment and consumption to balance reliance on exports. Logistics networks and electricity generation increasingly run the risk of bottlenecks and may pose a challenge to growth. Political risk related to the anticipated 2011 general elections, continued appreciation of the baht, and the uncertainties of Thailand’s major trading partners’ economic recovery could affect the economy.

Holidays
Jan 1 - New Year's Day
Feb 17 - Magha Bucha Day
Apr 6 - Chakri Day
Apr 13-15 - Songkran (Thai New Year)
May 1 - National Labour Day (Banks only)
May 5 - Coronation Day (1950)
May* - Royal Ploughing Ceremony
May 23* - Visakha Bucha
Jun 23* - Khao Phansa Day (Buddhist Lent)
Jul 1 - Mid Year Bank Holiday
Jul* - Asarnha Bucha (Government only)
Aug 12 - H.M. The Queen's Birthday(also Mothers' Day)
Oct 23 - Chulalongkorn Day
Dec 5 - H.M. The King's Birthday(also Father's Day)
Dec 10 - Constitution Day
Dec 31 - New Year's Eve

Ps: The religious festivals(*) are determined by the Buddhist lunar calendar and therefore are difficult to predict. The dates provided here are estimates.

Phone Codes

Country Code: 66
Outgoing International Code: 00

Resources

Market Research

Thailand .com
Complete content about Thailand.

Thailand Country Commercial guide
Detailed information about the political trends, economic trends, marketing of US products and services, trade regulations and customs, trade and project financing.

The American Chamber of Commerce in Thailand
Links to taxation, intellectual property rights, import-export regulations, foreign exchange regulations and many more.

CIA - The World Factbook - Thailand
This website indicates a wide range of detail information about Thailand by introducing under 8 different fields as its geography, people, government, economy, communications, transportation, military, transnational issues.

About Thailand
There is available to find out Thailand general outlook on the issues of its social and business profile, passport/visa, money, accommodation, government, duty free, health and so forth.

Trade Information

Thailand business pages
This page lists links to pages of foreign companies wishing to contact Thai and Indochinese enterprises

 
 
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