The Thai government is working hard to promote “Thailand 4.0,” a new economic model, aimed at pulling Thailand out of the middle-income trap, and developing it as a high-income country.
The Revenue Department of Thailand has proposed the Finance Ministry to keep the value-added tax (VAT) rate at 7 percent for another year until the end of September 2017.
Investment from Japan, Thailand’s largest overseas investor, dropped from $2.7 billion to $810m, while North American investment plunged tenfold, from $660 million to $67 million
The Board of Investment of Thailand (BOI) has expanded its 2016 investment value target to 550,000 million baht ($ 16 Bln), an increase of about 20% from the previous target of 450,000 million baht.
With a 3.8% increase in private consumption in the second quarter this year and higher tourism growth, the Thai economy seems to be on the way of a modest economic recovery.
Will the Thai economy be affected after a string of bombing and arson attacks left four dead in southern resort town ? Policymakers and economists alike seem to agree that this episode will have only short time effects on Thailand's GDP.
Growth in Thailand is expected to accelerate gradually, but remain below 3 percent on average in 2016-18 as high household debt holds back consumption and export growth remains lukewarm.
Although it fell three places in the World Bank’s “Doing Business 2016” survey, Thailand retained its position within the world’s top 50 economies in terms of ease of doing business, ranking 49th of 189 countries.