Thailand Economy 2019
The most discreet piece of positive news concerns the strong economic figures coming out of the Thailand Economy . Statistics have been recently released by the Ministry of Finance indicating that the Thai economy made a better performance during the last quarter of 2018 compared to the same period 4 years ago. This improvement has been partly fuelled by a firm 6 percent rise in the exporting of goods and services, as well as a fair increase in both the public and private sector investments which registered 4 and 3.1 percent respectively.
The International Monetary Fund (IMF) has also projected about Thailand‘s expected growth to continue until 2019. Thailand is the only country in Southeast Asia to receive the distinction from the Asian Development Bank (ADB) having its projected growth estimates revised upwards. In 2018, the Production Capacity Utilization Rate has increased from 63% in 2014 to 72% in 2018 which is considered to be Thailand’s highest rate for the past 5 years.
The booming tourist industry in Thailand has also played a key role in its economic success, with the number of foreigners visiting the country increasing yearly – from 25 million in 2014 to 35 million in 2018 – an outstanding 40% increase in only four years. These tourists travel to all the regions across Thailand and Bangkok has been cited by MasterCard as the most popular city for international tourists. The present account surplus and high foreign reserves, when combined with Thailand’s low unemployment and inflation rate has placed the country in a very firm economic position.
According to the Bloomberg Misery Index, these figures in Thailand have been the main reason that the country has been deemed as the happiest economy in the world. Also, other publications have ranked Thailand’s economy as very high, naming Thailand a number 1 in the category of Best country to start a business. Thailand was also ranked number 8 for being the Best country to invest in, which speaks a lot for the international community’s trust and confidence in the Thai economy.
All of the above mentioned factors have reflected the efforts of the present government of Thailand to reform the Thai economy and bring out a much better standard of living for the entire Thai population. With multiple schemes going on along the pipeline, such as the Eastern Economic Corridor (EEC) and other government initiatives under the Thailand 4.0 policy, the future is looking bright for Thailand and her people.