Now, that’s impressive and a real flip for Thailand, for sure! While the currency’s strength is definitely something to be celebrated, the fear of political elections which may cause a financial uncertainty is understood. However, not to worry much as the United Overseas Banks Ltd has acknowledged that the two major political parties are focused on the matters related to society and infrastructure. And this should let the baht remain strong throughout. Whoever is in power after the election result, the party is thus expected to inherit a strong currency and a tourism sector that is continuing to flourish.
The tourism sector accounts for around one-fifth of the country’s economy that makes the industry integral to its financial prospects. When analyzing baht’s history, Forex Brokers acknowledged how Bangkok and the beach resorts in Thailand are among the most popular tourist attractions for the foreigners.
It is likely the continuous growth of baht will ensure more foreign investors. In fact, as of February 17, 2019, the currency has outperformed all the continental contenders by climbing 4% against the dollar. The strengths have been driven by the country’s high current account surplus and ample foreign exchange reserves.
Because the fear of slump in the technology sector in the country isn’t there, the confidence to remain persistent even during any downturn in the technology markets have allowed the country to outperform South Korea and Taiwan.
Also, Thailand’s financial sector seems certain to adapt to continued growth from the Thai baht while the country becoming one of the most influential economic powers of the continent in the recent years.
