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THAILAND
Recovery slowed by the slump in tourism
MEDIUM RISK for enterprise
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
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GDP |
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Population |
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Form of state | Constitutional Monarchy | |
Head of government |
Prayut Chan-o-cha (PM) |
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Next elections | 2023, General election |
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- Moderate public debt and acceptable fiscal deficits
- Appropriate monetary policy management
- Solid commercial banks with high level of provision and capital
- Manageable external debt burden
- Regional trade hub
- Well diversified economy
- Exposure to China supportive in the post-Covid recovery
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- Chronic political instability since 2006, with the overthrowing of the elected government in a military coup in May 2014 and ongoing protests since 2020
- Asset quality of specialized financial institutions is weaker than that of commercial banks
- Dependence on tourism sector in the context of the Covid-19 pandemic
Trade structure by destination/origin
(% of total, 2020)
Exports | Rank | Imports |
---|---|---|
United States
14.9%
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1 |
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China
12.9%
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2 |
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Japan
9.9%
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3 |
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Hong Kong
4.9%
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4 |
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VietNam
4.8%
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5 |
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Trade structure by product
(% of total, 2020)
Exports | Rank | Imports |
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Electrical machinery, apparatus and appliances, n.e.s.
11.9%
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1 |
14.1%
Electrical machinery, apparatus and appliances, n.e.s.
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Road vehicles
11.0%
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2 |
9.4%
Petroleum, petroleum products and related materials
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Office machines and automatic data processing machines
7.8%
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3 |
5.3%
Iron and steel
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Other industrial machinery and parts
5.1%
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4 |
5.0%
Other industrial machinery and parts
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Gold, non-monetary (excluding gold ores and concentrates)
4.5%
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5 |
4.2%
Manufactures of metal, n.e.s.
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Low
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Medium
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Sensitive
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High
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Payments
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Court proceedings
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Insolvency proceedings
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Payments
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Court proceedings
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Insolvency proceedings
Although domestic courts are fairly independent, the rule of law perception has margin for improvement, as procedural delays and costs may be an issue and enforcing court decisions can be challenging. Overall, use of the courts should be avoided and conducting pre-legal collection action is advisable.
Collecting debt from insolvent debtors is often extremely difficult, especially when the debt is not secured.
LATEST NEWS ABOUT THAILAND
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Global trade: Battling out of demand and price shocks
25 March
The invasion of Ukraine and renewed Covid-19 outbreaks in China are hitting global trade with a double whammy in 2022: lower volumes and higher prices.
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Economic Outlook: Energy, trade and financial shockwaves
18 March
The Russian invasion of Ukraine has brought back significant headwinds to the global economic recovery and raised wider geopolitical risks.
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Is the wealth middle class shrinking?
17 February
Only three countries have seen the wealth share of the middle class improve since the 2008 financial crisis.
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