Thailand is frequently held up as a model for how countries should have handled the coronavirus pandemic. It responded quickly to the coronavirus outbreak, safeguarding the safety of its citizens. Thailand, on the other hand, prayed for a high price for it. This made the nation hold the potential to attract foreigners to invest in Thailand.
With the epidemic wreaking havoc on the world economy, Thailand’s economy took a huge hit. Thailand, on the other hand, appears to be on the mend after its recent setbacks. Thailand is also Asia’s business centre. As a result, it won’t be long before Thailand regains its footing.
Thailand, in the heart of Southeast Asia, is the second-largest expanding economic market. It acts as a link between Southeast Asia and the rest of the world. It receives large sums of money from countries like China, Japan, and Korea on a regular basis. Thailand is also one of the most popular destinations for foreign investors.
Thailand Economic Overview
Leaving aside Covid-19, Thailand has had remarkable economic growth in recent decades. The country is home to the majority of the world’s modernised citizens and profitable enterprises. Thailand’s GDP is more than two-thirds based on exports. Thailand has risen to become Asia’s eighth-largest economy, according to the World Bank.
The manufacturing and service sectors together make for over 40% of the country’s GDP. Thailand’s GDP for 2019 is $520 billion dollars. Thailand is also one of the most improving countries in terms of social and developmental characteristics, according to the World Bank. Thailand also has one of the world’s lowest unemployment rates.
Thailand’s inflation rate is nearly 1%, and it is predicted to fall in the next year of 2021. Because Thailand’s monetary policy is vested in The Bank of Thailand, which has remained steady for the previous few years, the country has a low level of public debt and has been a developing economy.
Industry and Trade
The economy of the country is mostly based on exports. Agriculture is extremely important to Thailand’s GDP investors. It affects nearly a third of the country’s population. Rice, rubber, corn, sugarcane, coconuts, palm oil, pineapple, cassava, and fish products are the principal agricultural goods.
The manufacturing and service sectors are also strong in the country. Thailand is an active member of ASEAN, with the United States, China, Japan, Vietnam, and Hong Kong as its primary export partners. Manufactured goods, including electronics, automobiles, machinery, and food, are the country’s main exports.
Invest in Thailand: Survey and Rankings
Thailand came in 40th place in the most recent Global Competitiveness Report. According to the World Bank’s Ease of Doing Business Report, the country has risen six spots to 21st rank out of 190 countries. During the most recent reporting period, Thailand also boasted of increased rankings in government integrity and property rights.
Real Estate Market
Foreign investments have been a primary driving force behind Thailand’s consistent rise in the property market. The real estate market’s success has also been aided by a better economic outlook, stronger take-ups, and higher occupancy rates. In 2021, real estate prices are predicted to skyrocket. Therefore, your plan to invest in Thailand real estate market can yield great results.
Thailand-Bangladesh Trade Plan 2021
Thailand and Bangladesh are geographically close enough to trade with each other and expand their trade across the area. Thailand is located in the heart of Southeast Asia. The infrastructural and policy arrangements in place in the country have been carefully adjusted to encourage investment in the form of development projects. The Eastern Economic Corridor is one such example. Bangladesh will be able to distribute its commodities throughout the area and into East Asia as a result of this. Bangladesh, on the other hand, has the modern infrastructure to let Thai products and services reach South Asia, the Middle East, and Africa.
By 2021, the Thai-Bangladesh trade value is expected to reach US$2 billion (Bt60 billion). The two countries gain from one another, especially because of their economic links. In terms of commerce, investment, and transportation, Thailand considers Bangladesh to be an important strategic partner. Since 2018, Bangladesh has become Thailand’s third-largest trading partner in South Asia. Thai imports from Bangladesh increased by 38.3 per cent in 2019. In the same time period, Bangladeshi direct investment in Thailand totalled $1.12 million.
Invest in Thailand in 2021: The Reasons
Thailand offers a variety of investment opportunities with high potential rewards. Startup consulting services in Thailand assist in identifying market opportunities for high-return investments. The tourist industry in Thailand is one of the most profitable. Thailand has long been one of the most popular tourist destinations in the world. Its ability to draw tourists is never confining to its beautiful beaches, rich culture, and endless shopping options. Thailand is home to some of the most attractive tourist attractions in the world, including Bangkok, Phuket, Chiang Mai, Pattaya, and other tropical towns. The tourist business is a booming industry.
Thailand had a record-breaking 35 million tourists from all over the world last year, retaining its status as Asia’s most popular tourist destination. With the growing tourism industry, demand for short-term rental contracts and vacation houses is skyrocketing. Due to the high demand for tourism, once the global lockdown expires at the end of 2020, all business startup consulting firms recommend investing in this area in 2021.
In Thailand, real estate is a profitable market. Thailand is a highly advantageous investor hotspot for both selling and renting real estate. In 2021, the Thai real estate market may rise by 6 to 8%. This coincides with a recent boom in foreign investment into Bangkok and Pattaya, particularly from China. Thailand’s real estate industry is one of the most popular in Asia among Chinese investors. Bangkok’s property market poises explosive growth, luring international investors and regional headquarters eager to capitalise on the city’s economic potential. Prices on islands like Pattaya, Phuket, and Hua Hin have risen as a result of high property demand.
Invest in Thailand: The Bottomline
Unlike most countries, Thailand welcomes foreign investment and does not impose additional property taxes on foreigners. Contracts can be drafted in both Thai and English. Aside from the favourable tax structure for foreign buyers, selling a home in Thailand is quite simple.
The attraction of foreigners to the Thai property market is because of the competitive tax structure and the relatively cheap entrance price point. As a result, Thailand has become one of the most popular destinations for real estate investors in the world.
With all of the above factors contributing to Thailand’s economic growth, while the global economy continues to suffer from the effects of the Coronavirus outbreak. On this, we can conclude that your plan to invest in Thailand in 2021 will yield profits greater than can be projected anywhere else in the world.
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