Thailand is on A Promising Path


In the language of the pandemic, we are not out of the tunnel yet. The business realm, famous for making plans for decades ahead, continues its rope walk through unchartered territory. Thailand is on a promising path. The Bank of Thailand (BoT) recently asserted that the economic recovery is likely intact and inflation should ease next year. In fact, there are real signs of these anticipations becoming true.

At least three other unicorns have emerged from Thailand recently, including logistics and courier service Flash Group, digital payments firm Ascend Money, and crypto exchange Bitkub. Adjoining the list is Line Man Wongna the food delivery app which has become the latest unicorn in the country after it raised $265 million in a funding round led by Singapore sovereign wealth fund GIC. Thailand's business realm is transforming with more diversification. The news from the export segment is a great omen toward this. According to the national shippers' group, Thailand's exports are expected to rise 8 percent this year, the top end of a previous forecast range of 6 percent to 8 percent, helped by increased demand for food amid global food insecurity.

However, tourism continues to be its stronghold, and the Tourism Authority of Thailand (TAT) is highly engaged in attracting more people to the country. In cooperation with the Phuket Tourist Association and the Digital Economy Promotion Agency (DEPA), TAT has announced the `Thailand Travelution 2022' event ­ which will focus on the importance of using technology and the insight of Big Data to help drive Thai tourism industry's digital transformation. The event will be held in November.

Current Issue