Published on : Thursday, August 24, 2017
Asia is fast becoming a global economic powerhouse with rapid growth and expansion. The economic vibrancy and large-scale investment throughout the region is expected to bring good fortune for its future. Regional tourism is also thriving as Asia offers a plethora of destinations that cater to every taste and budget. Thailand is by far the biggest crowd puller in Asia. Being a natural land bridge between mainland Southeast Asia and East and South Asia, the country has always formed a crucial part of Asia’s growth, holding vast potentials and promises.
Thailand is one of Asia’s recent success stories. The country has bagged the coveted title of the best country in the world to start a business with newly registered companies reported to be up and running within 28 days and the 7th best country to invest in, according to the Wharton School of Business. MasterCard’s Global Destination Cities Index has crowned Bangkok as the world’s most visited city in 2016 with 21.47 million international overnight visitors. Thailand is also the second largest economy in the Association of Southeast Asian Nations with combined GDP of 2.43 trillion USD in 2016.
However, Thailand is not satisfied with its accolades. It is undergoing a paradigm shift by bringing in a dynamic economy that characterizes the 4th Industrial Revolution for preparing itself for the economy of the future and to avoid the middle income trap. This policy will see the scaling up of the modern agricultural sector, the fostering of innovative SMEs, high-value service businesses as well as the commercialization of start-up ideas.
Thailand is increasing physical as well as digital connectivity with Cambodia, Laos, Myanmar and Vietnam to form a single market and single production base. By closer cooperation, Thailand together with CLMV can promote mutual growth in trade, investment and tourism which can further build on a stronger and healthier ASEAN economy.