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2014 Economic Review of Thailand

March 10, 2015 | Sharon Cheong

During 2014,Thailand enjoyed a vibrant economy that was supported by their strong import/export sector. Many products sold around the world are manufactured in Southeast Asia and Thailand traditionally has a robust manufacturing industry as well.  The nation faced a few challenges in their political structure, but these did not affect areas such as starting up a new small business. The Thai economy has shown significant signs of economic recovery during 2014 and the Ministry of Commerce expects this trend to continue into 2015. Experts believe that Thailand could become a major economic power by 2020.

Wage Growth

The low employment rate encouraged stable wage growth throughout 2014 in Thailand. The labor market gained momentum as thousands of new workers entered the labor force. Increases in hourly earnings were also reported in many industries. The Thai work force provides all levels of education, abilities and experience to business owners.

Small Business in Thailand

There were numerous small business opportunities in 2014 that did well, among them, real estate investments. Real estate consulting was also highly lucrative due to foreigners coming into Thailand who consistently need advice on buying property. In addition, all types of advisory businesses, such as financial advisers, IT consultants and HR consultants showed good financial returns as companies around the world are expanding into new countries like Thailand.

Import/Export

The Ministry of Commerce reported a robust gross domestic product (GDP) largely due to its export industry. Silk, rubber, clothing, grains like rice, and electronics were among the top exports sent out to countries around the world. The United States and the United Kingdom remain important trading partners with Thailand. The high economic growth rates were due to Thailand's ability to produce top quality products at low prices.

With the export of billions of dollars in goods and services,Thailand has become an important manufacturer of computers and computer components. Another area that grew tremendously was the energy sector and investors are taking a much harder look at ways to develop this into a major world contributor. Natural gas production increased substantially during 2014 as did the production of commercial vehicles.

Tourism Trade

Tourism made up about 8% of the economy in 2014 and Bangkok, the country's capital, continues to be one of the most visited cities throughout the world. It boasts a very iconic skyline, and the whole of Thailand offers stunning beaches, tropical temperatures and beautiful flora and fauna. Visitors come each year to visit the World Heritage sites and ornate Buddhist Temples. The tourism trade remains strong in spite of continuing global unrest. With dependable transportation using Sky Train and underground rail, tourists enjoy visiting the numerous sites, shopping, restaurants and attractions.

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