Thailand PESTLE Insights – A Macroeconomic Outlook Report
The GDP of Thailand was $431.2 billion in 2021. Thailand was ranked 43rd out of 153 nations in the GCRI Q3 2022. Thailand’s risk score across the major PESTLE parameters as well as the overall risk score was lower than the world average but higher than the score of Asia-Pacific.
The investment growth in Thailand is set to continue in 2022. This will be supported by the implementation of the Budget 2023. According to GlobalData, the country’s economic growth is forecast to expand bolstered by improved domestic consumption, still-supportive policy settings, and a mild recovery in inbound tourism.
The Thailand PESTLE insights report provides a 360-degree view of the economy which can be used as a strategic tool to understand the market dynamics, business potentials, and directions of operation. The report also offers the country’s snapshot and captures the risk factors about the macroeconomic risks, political environment, legal environment, technology & infrastructure, and natural and geographic aspects that might impact business.
Thailand Macroeconomic Outlook
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PESTLE Insights of the Thailand Macroeconomic Outlook Report
Political Landscape: In August 2022, Thailand and Cambodia signed a memorandum of understanding on logistics to establish a cooperation framework. This is expected to improve the competitiveness of Southeast Asia’s apparel supply chain and broaden prospects for buyers in the region. However, poor government indicators, high levels of corruption, and terrorism threats are a few challenges that the country needs to address for better growth.
Economic Landscape: The tourism sector of the country is one of the key contributors to the economy. According to the Heritage Foundation, Index of Economic Freedom (2022), Thailand secured 70th rank among 184 nations.
Social Landscape: The nation has been improving its healthcare landscape over the past decade. As a result, life expectancy has gradually improved. Moreover, the country is also increasing its expenditure to improve the healthcare sector.
Technological Landscape: According to Portulans Institute and STL Technologies, Network Readiness Index (2021), Thailand was ranked 54th out of 130 nations. Moreover, the country secured the first rank on GERD financed by business enterprise and e-commerce legislation. However, the increasing cyberattacks in Thailand and the lack of data protection might hamper the market growth.
Legal Landscape: On June 1, 2022, Thailand’s Personal Data Protection Act (PDPA) entered into force. The PDPA applies to both entities in Thailand and abroad that process personal data for the provision of products or services in Thailand. According to the law, data controllers and processors need to have a valid legal basis for processing personal data, and breaches may result in heavy fines.
Environmental Landscape: In January 2022, Marubeni Corporation signed a memorandum of understanding with a Thailand-based Mitr Phol Group. This MoU will enhance bio-based product businesses and renewable energy in Thailand.
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Thailand PESTLE Insights Overview
| GDP 2021 | $431.2 billion |
Key Highlights
- In January 2022, according to the transport ministry, the country announced a plan to invest a huge amount in 37 infrastructure projects.
Reasons to Buy
- Macroeconomic Outlook Report identifies the potential of the country as an investment destination by analyzing the political, economic, social, technological, legal, and environmental (PESTLE) structure.
- PESTLE Insights provides a 360-degree view of the economy which can be used as a strategic tool to understand the market dynamics, business potentials, and direction of operations
- Along with providing the country’s snapshot, the report captures the risk factors about the macroeconomic risks, political environment, legal environment, demographic and social structure effectiveness, technology & infrastructure, and natural and geographic aspects that might impact business.
- This report also highlights key clusters/cities which contribute significantly to the country’s GDP and population along with major companies’ presence in these areas.
Key Players
Table of Contents
List of Figures
Frequently Asked Questions
Thailand’s GDP was $431.2 billion in 2021.
Thailand ranked 43rd out of 153 nations in the GCRI Q3 2022.
The investment and economic growth in Thailand will be supported by the implementation of the Budget 2023, improved domestic consumption, still-supportive policy settings, and a mild recovery in inbound tourism.
According to the Heritage Foundation, Index of Economic Freedom (2022), Thailand secured 70th rank among 184 nations.
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