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Although the country’s growth rate is among the lowest in ASEAN, Thailand serves as a gateway to one of the world’s most dynamic markets.
In the 2019 World Bank Group report, Thailand garnered a score of 78.45 out of 100 in the ease of doing business.
It is ranked 27 out of 190 economies and second among its ASEAN neighbors, after Malaysia. Thailand is an upper-middle income country, with the lowest levels of extreme poverty as measured by the International Poverty Line (IPL).
Thailand’s economy is driven by strong domestic demand
While export growth has been affected by the US-China trade war, the International Monetary Fund (IMF) has urged the country to focus on policies for growth and shift from over-reliance on its electronic and automotive industry.
Economic indicators
The tourism sector is a pillar of Thailand’s economy. Despite the Phuket boat tragedy which had an adverse effect on Chinese tourist inflows, tourism is still expected to sustain Thailand’s economic growth momentum.
It may be noted that Thailand’s motorcycle market has declined in recent years.
