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Thailand Overview

Thailand is the second-largest economy in South East Asia and as part of the ASEAN (Association of South East Nations), has become a regional leader in tourism, automotive and electronics. The country has a resilient economy that is heavily dependent on exports and has well-developed infrastructure which provides good support for the industry and service sectors, which produces about 90% of GDP.

Thailand also has one of the lowest unemployment rates in the world, reported as 1% for the first quarter of 2014. Further, the country has laid out a long-term economic goal – 20-year National Strategy – which covers 3 core elements: advancing technology and innovation to enhance the country’s hub capability, improving infrastructure, and promoting policies to provide better support for Small to Medium Size enterprises, in areas such as agriculture and healthcare.

Its currency, the Thai Baht, is ranked as the 10th most frequently used currency in the world.

Global State of the Market Report

In 2020, the Advisory Board Centre mapped professionals currently serving on Advisory Boards. This assessment identified low numbers of Advisory Boards in Thailand.

Thailand’s Advisory Board Landscape

The assessment has identified low numbers of Advisory Board professionals in Thailand. Minimal participation in the market may indicate:

  • That Advisory Board structures engaged in the country are informal in nature;
  • Advisory Boards are referred as a different name, such as committees, councils or think tanks;
  • Traditional sourcing of advice is more customary for Thailand’s current business environment; or
  • There is a language barrier stemming from the search for Advisory Board professionals being in English.

Future Growth Opportunities

As an emerging sector in Thailand, connection and collaboration with the global Advisor community will present strong future growth opportunities. Further, focusing on key market sectors – tourism, automotive and electronics – as well as acknowledging start-up and emerging industries are essential. It will also be important for Advisory Board professionals in the market to be credentialed to best practice and ethics as this sector grows over time.

Key Statistics

Population 69.63m Labour Force by occupation
GDP  543.5bn (USD) Industry 25.6%
Services 73.7%
GDP by sector
Industry 24.8%
Services 75.2% Global ease of doing business rank 21st (relatively easy)
Global ease of doing business score 84.6/100
Imports 257.873bn (USD)
Export 291.169bn (USD)

 

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