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Analysis of Thailand Economy

Analysis Of Thailand EconomyExecutive Summary

Thailand’s economy sustains stable and relatively fast growth among the world. When cooperating with a local company, it is necessary to analyse the economic factors, political and legal factors, environment factors and social factors so that our company can have an insight into the Thailand society as well as our business partner. As a country with a totally different culture, we use Kluckhohn-Strodtbeck and Hofstede Framework to investigate the culture difference to avoid business conflicts. The main objective of this report is to provide an illustration on the issues that may arise during the cooperation.

Introduction Analysis Of Thailand Economy

Thailand’s economy has been developing at an outstanding speed these years since the financial crisis broke out in 1997. It is considered that Thailand has huge potential for marketing demands. Analysis has been made on the business environment, cultural issues and government’s policies of Thailand.

  1. National Business Environment

 1.1 Economic factors

 The following studies have been collected from the Kingdom of Thailand website:

GDP (2010 prelim.): $317 billion.
Annual GDP growth rate (2010 prelim.): 7.8%.
Inflation rates (2010): 3.3% and 0.9% (excluding energy and food prices).
Per capital income (2010 prelim.): $4,716.
Unemployment rate (2010 prelim.): 1.0% of total labour force.
Natural resources: Tin, rubber, natural gas, tungsten, tantalum, timber, lead, fish, gypsum, lignite, fluorite.

Australia’s GDP in 2009 was $924.843 billion AUD and grew only 0.4% in 2010 and the inflation rate in 2010 was 2.6459%

These economical factors make our business opportunity seem to be a positive outcome in making our business more successful. Thailand’s economy is expanding and business opportunities are at higher demand. Cheaper labour costs and natural resources will make business more efficient and easier to begin business.

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