The Competitive Advantage of Thailand Report

Introduction

The incorporated Kingdom of Thailand (frequently addressed as Thailand) was established in the mid-14th century. Known as Siam until 1939, Thailand is the only Southeast Asian country never to have been taken over by a European power. In 1932 the constitutional monarchy was formed. In alliance with Japan during World War II, Thailand became a US treaty ally following the conflict.¹

Thailand was customarily a relatively poor, developing, agrarian economy, but since the World War II, as a market-driven economy, it has developed sizeable business and services base and a better marketplace for the world.

Meticulous studies viz. ‘The Human Development Report’², ‘The Global Competitiveness Report 2009-2010’³ suitably reveal the current position of Thailand of ranking 87 under MEDIUM HUMAN DEVELOPMENT group & ranking 36 under overall ranking respective for the reports.

Since the mid-1970s, industrialization has augmented and investment has directed towards export-oriented behavior and the services industries. Between 1984 and 1994, Thailand had the most rapid economic expansion out of any country in the world. Social institutions, social capital, and costs failed to keep pace, leaving the country vulnerable to corruption, cronyism, money politics, systemic frailty, and an unorganized civil society. Thailand has received criticism over its inability to cope with recent demands on its infrastructure. Improvements are marked by indecision, delays, political conflicts, contract irregularities, corruption, and cost overruns. The financial crisis sparked by the flotation of the Thai Baht (The currency of Thailand) in July 1997 quickly spilled over to the real economy, where it exacerbated severe structural deficiencies.

The Kingdom has made important progress in social and economic development, even though it has suffered several years of financial and economic crisis in the late 1990s and has been impacted by political uncertainty over the past years. The long term trend has been strong for the country. In the decade that ended in 1995, the Thai economy was one of the world’s fastest-growing at an average rate of 8-9 percent a year. After recovering from the “Asian Crisis” of 1997-1998, the Thai economy took off again. From 2002-2006, Thailand’s growth averaged at 5.6 percent.

Thai Government has been very successful in reducing poverty past three decades and extending coverage of social services. By 2006, the number of poor people in Thailand dropped to 6.1 million compared to 18.4 million in 1990. Superior income and greater way in to medical infrastructures have also led to lowered death rates i.e. mortality and morbidity rations. More than 97 percent of the population, both in the urban and rural areas, now have access to clean water and sanitation. In addition, Thailand is recognized internationally for its progressive and effective response against HIV/AIDS, which has helped the government cut down HIV infections dramatically since the mid-1990s.

Bangkok the Thai capital has turn out to be the center of progress eventually the most affluent part of the country. Economic activities in Bangkok and the metropolitan area account for almost 60 percent of the national gross domestic product, though it has fewer than 20 percent of the nation’s population. Bangkok’s basic infrastructure is impressive compared with neighboring countries. The city is competing closely with Singapore to become a regional hub for air travel within Southeast Asia¹.

Recently, however, Thailand’s economic growth has been slowing down because of weak private consumption and investment demand, following the September 2006 coup and subsequent political uncertainty. The political instability of Thailand has become a major concern for the investors.

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