Economic condition of Thailand
I never fully understood the Thai economy. If one person opens a 7/11, three other 7/11s will open next to it. That doesn't work does it? Isn't one enough? Or if the income is bad (because there are few customers) then you simply increase the prices. But then you get even fewer customers, don't you?
So is the current economic situation Thailand. The Thai government, which could use a positive story, indicates that the economy is doing well. My (foreign) friends also say that the Thai economy is doing well.
I still ask myself "What do you see that about?" Selling expensive cars and condos? I think that is done by a very small group of very wealthy Thai people. This group can do business very well thanks to the favorable exchange rate (import products have not become cheaper). On the other hand, there must also be a large group of Thais who lose a lot of money due to the same exchange rate. Okay, I can imagine that foreign companies have invested money here with the previous high exchange rate, but that's over now, isn't it?
Although house prices in Bangkok are skyrocketing, here in the more expensive class of houses (in estates) I see significant discounts (15% to 20%). I also see many new estates where there is no construction at all.
In short, I think it's another bubble economy of borrowed money. What do others think of that? What would be the reason for a foreign company to invest a few million Euros or Dollars in this country? Didn't see me. Okay if you want to make money quickly in the short term, there is still a market for that here. But long term? Exporting money (in large quantities) is difficult and you don't own anything.
Thailand is not cheap at all like 6/7 years ago, I think 2 to 3 times as expensive, that's why many go to Laos and Vietnam, on the coast in Vietnam it is still the same as in Thailand before, Cambodia ditto. That you're still there, with that expensive bath! -:)
Similarly with other shops, e.g. Chiangmai, counted in 1 street, Loi Kroh, 31 massage parlours. The same goes for barbershops in the village of Sansai, 12 shops in all. Flower market, electricity shops, butchers, pastry / bread shops. Just go to Airportplaza. Or like the orange stalls along the road at the moment. Will undoubtedly be the same in Bangkok.
On the one hand, it is easier. The total range is more extensive. On the other hand, the prices are the same for everyone. 😉 By the way, it is a population of 66 million people without the hill tribes and illegals.
And all malls have the same stores. Se-ed, Swensen, Black Canion, Starbucks, Robinson, Central, etc. etc., interspersed with Big C, Tesco Lotus or Carrefour.
Be happy with the 24 hours 7/11. That also ensures security on the street as well as all the other (low wage) guards.
Here you can rightly speak of safety and a lot of brown / black / blue on the street and a country where people still respect other people's things.
As for opening 7/11s in Thailand, a franchisee invests his entire capital, and if the business goes well, 7/11 opens a branch under its own management and the franchisee more or less competes away.
The number of 7/11s is so high that there is one for every 2000 Thais, clearly too many.
It is therefore understandable that this group acts so against the small Tescos, after all, they have a larger range, lower prices, and certainly better products.
I could of course be completely wrong, but I fear that Thailand is indeed starting to suffer from the high exchange rate of the Baht, and certainly the economic "downturn" of the Western world.
The decline in the Thai economy is certainly noticeable in Isan, hundreds of workers have returned to Pa and Moe.
The number of eateries is growing rapidly, while the number of "morning stars" is growing explosively.
The decline in tourism from the west cannot be compensated by tourism from Asia, Westerners stay longer and spend more money in the local economy, so much difference that for every Western tourist 3 Asian and 10 Thai tourists are needed for the same income.
There are also fewer and fewer pensioners coming to Thailand, each pumping about 50,000 baht per month into the local economy.
As for the Dutch residing in Thailand, an estimate of 6000 “retirees” invest THB 3,600,000,000 in the economy.
I once heard an estimate of 500,000,000,000 Baht spent by "falang" living in Thailand.
It seems, but I haven't been able to find anything about it yet, that there is a clear flight of mainly Americans and British people to Cambodia, Vietnam and Laos, three friends of mine have already taken this step.
I fear that Thailand has missed a connection somewhere, with the result that many people no longer view the land of smiles with rose-colored glasses.
Unfortunately.
Thai economy is supported by some very powerful families and consortia. The current high baht is good for relatively cheap imports, so low inflation, but bad for pensioners like me and foreign investors who suddenly have to pay 20-30% more for the same. the xpats in particular fail at expensive condos and exclusive homes. Only Russians and other obscure foreigners seem to be able to gain an advantage.
As for investments: almost as uncertain for a foreigner as in Russia: the Thai government offers no security, and a law is certainly not a law for everyone. so you can get quite burned.
example; my family has been living on an island near koh sdamui for a hundred years. a lot of land has been sold there, at high prices. now suddenly the government wants to designate the already developed island as a national park. away investment. all land is nationalized with nominal compensation. lose some billions of basht. profit for government. ditto, who is going to spend it again for development to those involved.
conclusion everything is possible in thailand. that is sometimes good for you, but can just as well work against you. there is no legal certainty at all.
So be careful with investments, not only because of the current uncertain political climate and the continuity of the crown, but also because of the inherent uncertain system of legal uncertainty.
As an economist, I agree with comments that the Thai economy is doing well, especially in terms of industry, cars, cameras, electronics, but also agriculture, oil, commodities and fisheries products are at record highs. so you can earn money there and you can invest.
good luck, Carl
thailand begins where logic ends
It would be too short-sighted to measure the Thai economy against the 7/11s in Bangkok. I googled a bit and highlighted some interesting bits about the Thai economy and related topics.
THE ECONOMY OF THAILAND
Thailand has one of the fastest growing economies in Asia. Thailand's gross national product (GDP) increased by 2010 percent in the first quarter of 12. According to Thai Prime Minister Abhisit Vejjajiva, this indicates that Thailand's economic fundamentals are strong. Abhisit indicated that in addition to exports and tourism, the progress of the economy is mainly due to domestic consumption and private investment.
The recent political violence will certainly have an impact on the economy in the second quarter of 2010, Abhisit said. Therefore, the Thai government will continue to work for reconciliation and investment in Thailand. The measures taken by the government of Thailand for companies affected by the political unrest and the early elections will ensure that Thailand's economy will show even stronger growth next year.
STRONG ECONOMY RECOVERY
Thailand's economy will show a strong recovery this year. According to the Bank of Thailand (BOT), Thailand's economy will grow by 2010 to 4,3 percent on an annual basis in 5,8. Such positive prediction was also made by the University of the Thai Chamber of Commerce (UTCC). They expect economic growth in Thailand of 4,5 to 5,2 percent.
The Bank of Thailand (BOT) expects Thailand's economy to grow by 2011 to 3 percent in 5. Risk factors for Thailand's economy are the uncertainties of the US economy, the debt burden in Europe and the political developments in Thailand in the run-up to the upcoming elections.
________________________________________
THAILAND AS AN INVESTMENT COUNTRY
Thailand is a stable country and the confidence of (foreign) investors in Thailand is therefore strong. A survey by the World Bank shows that Thailand scores well when it comes to the ease of doing business. On the list of the most attractive investment countries of the UNCTAD (United Nations Conference on Trade and Development), Thailand is listed as one of the most attractive locations and therefore has a high ranking.
MAIN TAXES IN THAILAND
The Revenue Department of Thailand is responsible for implementing tax law. The 'Revenue Code' is decisive in this area. The five main levies laid down in this law are:
• Income tax
• Corporation tax
• Value added tax (VAT)
• Specific business tax (SBT)
• Stamp duty (stamp duty)
In addition, there are a number of specific taxes, including excise duties and property taxes.
Income tax
For taxpayers, a distinction is made between 'resident' and 'non-resident'. 'Resident' means employees who have lived in Thailand for more than six months. They pay tax on the income they have received both in Thailand and abroad. A 'non-resident' only pays tax on income in Thailand. Rates depend on income and vary; the maximum percentage is 37 percent. Various deductions are eligible for the calculation of taxable income.
Corporation tax
Thailand-based companies are subject to corporate income tax. The general rate is 30 percent of net profit. However, there are several exceptions. For example, small and medium-sized companies can qualify for a lower levy.
Value Added Tax (VAT)
VAT can be compared to VAT as we know it in the Netherlands. The VAT rate of 7 percent applies to manufacturers, service providers, wholesalers, retailers and importers. Certain activities and services are excluded from this tax, such as healthcare. The zero rate applies to exports from Thailand.
Specific Business Tax
SBT is an indirect tax for certain companies that are exempt from paying VAT. This tax applies, among others, to the banking and insurance industry, investment companies and real estate dealers. The percentage varies from 2,5 to 3 percent.
Stamp duty
Stamp duty or stamp duty applies to various official contracts and transactions. Rates vary from 1 to 200 Thai Baht (more than 4 euros).
Tax treaties
On June 9, 1976, a treaty came into force between Thailand and the Netherlands for the avoidance of double taxation and the prevention of tax evasion.
Thailand is a country that, in addition to a pleasant living and living environment, is also tax-friendly.
If you stay in Thailand for at least 181 days a year, you can choose to complete the tax obligation in Thailand. People in Thailand do not pay any tax on the AOW and pension because this money was earned abroad.
RETAINED THE BENEFIT ON DEPARTURE TO THAILAND
The Netherlands has concluded a treaty on social security with Thailand. This means that when you leave for Thailand you can keep any Sickness Benefit or WAZO benefit, or a WIA, WAO or WAZ benefit.
A Wajong benefit can only be continued if at least one of the three criteria of the so-called Wajong hardship clause applies to your circumstances.
These criteria are:
• the move abroad is necessary for undergoing treatment
a medical treatment
• Abroad there are more opportunities for returning to work and reintegration
• your caregivers move abroad
Ferdinant, great that you googled those pieces together for us, but something is missing.
I would find it interesting to know what conclusions you draw from those pieces, in other words: what is your view on the Thai economy?
Dear Bert, my opinion can already be read more or less in the responses I have given, but insofar as that requires any explanation, then here. I believe that Thailand is not only one of the fastest growing, but also one of the most stable economies in Southeast Asia. An economic growth that we here in the West can only dream of.
These economies are clearly still in a developmental phase, with all the growth spurts that this entails, and by this I mean that the modeling and structuring of that growth still needs to be shaped and must ultimately lead to a better livelihood for their own population, and that of course takes time. However, I am confident that it will work out and that it will, because more than half of the world's population is in Asia. A gigantic sales market, which means that this growth will continue for a while for the coming decades.
Thank you Ferdinant, that's how I know you again! An excellent optimistic train of thought, which I fully agree with.
Shall I temper the enthusiasm? Thailand's economic growth is mainly due to low wages and the lack of restrictive environmental regulations. This is how China has grown, it is simply impossible to compete with it.
In addition, foreign companies that set up in Thailand do not have to pay taxes for the first few years. This, in combination with low wages and no unions, makes the business climate ideal.
Economic growth has a downside. In China, the people are already unsettled by the rampant inflation. In time, social unrest will arise in many Asian countries, also due to the environment and other problems (clean drinking water, for example). Especially in China. This will have far-reaching consequences for economic growth.
Dear Peter, but that's how it goes with all emerging economies, you can see that even in business with start-ups. For growth you need to take a number of stimulating measures, otherwise you don't stand a chance. Here in the Netherlands, as you know, we also have a number of tax-friendly benefits for starting entrepreneurs. It is no different to get an economy off the ground properly. As for the low wage costs, they will naturally go up in line with the rate of growth. That too is inherent to growth. Over time, that growth will moderate, as a result of which the mutual (growth) differences with the west will be smaller. We (the West) have a great interest in the existence of these emerging economies and that everything has to do with the sale of our own products and services.
Below is an interesting piece from De Telegraaf
Asia pulls Dutch economy out of slump
According to the CBS figures, the Netherlands has emerged from the recession with quarterly growth of 0,4%. This is mainly due to the recovery in exports to Asian countries in particular. In the past, it was the American consumer who had to lift the Netherlands out of recessions. Today, however, the global economy looks very different than it did, say, 30 years ago. Demand for Dutch goods and services now mainly comes from Asia. According to Philip Hans Franses, professor of economics at the Rotterdam School of Management, the Netherlands owes the recovery to emerging economies such as China, Malaysia, Singapore and Thailand. The professor thinks that the latest economic figures give consumers hope for the fourth quarter. He expects that in December it will again become clear that 'never before has so much been spent on Christmas and Sinterklaas'. CBS economist Michel Vergeer also thinks there is quite a bit of money left over to go shopping. After all, people do not lack money. What is missing is mainly confidence in the economy.
Yes, Ferdinant is right, you see that everywhere. But also the consequences. Low-wage countries are interesting for mass production, not for high technology. For that reason, the former Eastern Bloc countries are already out of favour. Most Western companies have since left, also because wage costs have risen (which runs parallel to the rise in prosperity).
China is doing the same as Japan has done, investing in education and (high-quality) technology. A long term vision. Thailand does not. Thailand therefore has nothing more to offer in the long term than low wages, no environmental requirements and no tax. You won't make it with that because that concept is easy to copy by, for example, neighboring countries.
Look at Ireland, which has 'bought' economic growth with low taxes and favorable mortgages. Now it turns out to be quicksand.
I fear that Thailand's economic growth is also built on quicksand. But I'm not an economist. I'm happy if I can type a decent story for the blog 😉
Hello Peter, both economically and culturally, the Thai people appear to have great adaptability, to quickly switch to new situations, and to easily adopt elements from other cultures. 'The Thai is flexible as a reed' is sometimes said.
As a simple tax advisor, do not pretend to be an economic Thailand expert, but just express my own view, which is perhaps a bit more optimistic than most members of this blog. For example, the comparison with the Eastern Bloc countries is not entirely accurate in my opinion. After all, Thailand has had constant economic growth since 1998. But well, time will tell.
As for the design of this blog, the stories you write for it, nothing but praise. I enjoy reading them.
Thailand's economic growth in 2010 was mainly driven by exports. Thailand benefited from strong growth in the Southeast Asian region. Also, don't forget that 2009 was a bad year, so it was relatively easy to grow in 2010. However, the short-term result obscures the long-term problems. The corruption and political instability are not attractive to investors. In neighboring countries, efforts are being made to improve the efficiency of the economy. Vietnam, Malaysia and Indonesia are thinking about the long term. Thailand threatens to miss the boat. Own fault?
A fascinating vision, Maarten, you have thought about it. I have some more questions, because I don't understand everything:
1. “Thailand benefited from the strong growth in the Southeast Asia region,” you say, but how do you explain what can be read everywhere that Thailand has the fastest growing economy in the region?
2. You call the growth in 2010 a short-term result, but, Maarten, that growth has been going on for quite a few years, sometimes less, sometimes more, but it is growing. The expectation for this year and subsequent years is also growth, growth, growth, so why are “long-term problems” being glossed over here?
3. You mention 2 factors why investing in Thailand would not be attractive. Maarten, surely these factors are not recent, they have been ingrained in the Thai economy “for centuries”, right? Yet I read that Thailand is highly regarded as an investment country and is very attractive, how do you explain that?
4. “In neighboring countries, efforts are being made to improve the efficiency of the economy,” you say. Can you explain that a little further, because I really don't understand that statement.
5. Finally, I understand that you believe that the aforementioned surrounding countries are politically stable, have no corruption, think long-term, improve the efficiency of the economy (whatever that may be) and therefore have a better future than Thailand . Did I understand that correctly?
Despite your disparaging tone, I would like to explain my opinion:
1. I don't know how you define the region, but Singapore grew by 14,7% and China by 10% (approximately). Maybe you define the region differently, of course you can. If Thailand had already been the fastest grower, it could have been due to stimulus from the region.
2. Sooner or later Thailand is going to be in chaos (hope I don't have to explain that, you know what I mean).
3. See 2. In addition, Thailand has always been cheap. That is now changing with the rising Baht. I also think that the education system is an obstacle to creating competitive advantage in the future.
4. About China, Vietnam and Malaysia I regularly read what the long-term strategy is. For example, Malaysia has a clear 5-year plan and in Vietnam people were replaced this week in important posts. It may be that Thailand also has a good plan, but I can never find anything about it. I have the impression that the government is too busy with other matters (including domestic political unrest) to put in place a good structure that allows for long-term growth. I have a strong impression that the current growth is not driven by policy, but by circumstances.
5. Other countries also have corruption. However, there is less political unrest and I have the impression that more improvements are being made. By efficiency of the economy I mainly mean laws and regulations that facilitate all kinds of processes. Think of measures that reduce corruption, increase transparency, reduce costs and make foreign investments more attractive.
I hope I answered your questions clearly. I just gave my opinion. If you see it differently, that's fine with me. Maybe I can learn something from you. That would be nice.
I see you say further down that you 'don't like doom and gloom'. I always try to be realistic, not positive or negative. I hope Thailand will go well. I myself dislike the many foreigners who live in Thailand, but spend all day browsing forums to ridicule Thaland. If you don't know what I mean, check out Thaivisa's forum. I always wonder why they live here, when it's all so bad here.
I am certainly not an economics expert and will never claim to be. However, because of my work I have to regularly stay informed about the ups and downs of the economy in SE Asia. That's why I have an opinion about it. I like to occasionally exchange ideas via the internet and try to respect everyone. Would be nice if you did too, Bert
Sorry, Maarten, I offer you my sincerest apologies. My earlier response to you was indeed a bit cynical and that was because of your very concise but firm statements about the Thai economy. Now that you've explained it in more detail, I at least understand better what you meant.
Ask 100 economists or people who think they know what they think about the Thai economy and you will get 100 different answers. And the beauty (or not) of looking ahead economically is that everyone can be right. It is and continues to look like coffee grounds with positive or negative arguments, with a whole series of ifs and buts.
The only economic certainty is the present and the past, figures and facts are known about this and you still know the saying from the Ster advertisement: “past results are no guarantee for the future”.
I'm not an expert on the Thai economy either, to be honest, I don't even keep up with the news. However, arguments are put forward in a number of reactions, which are at least questionable, but can in any case lead to a lively and endless discussion.
As a retiree I have chosen Thailand for a second life and I hope with you that things will go well in this beautiful country where I am happy.
Exchanging thoughts on this blog and occasionally writing a piece about all kinds of experiences and adventures is indeed fun, I participate fairly actively. I admit that sometimes I overreact to my reactions, but I'm unlearning it.
Once again my apologies for my earlier response, don't let it stop you from continuing to actively participate in our exchanges of thoughts.
Hi Bart,
Fully accepted. And let's hope I'm not right 🙂
I often read on this blog that only a very small select group of rich Thais would drive around in cars, and here again. Get in a car, drive about 100 km (towards Nakhon Sawan, Hua hin, Pattaya, Korat, it doesn't matter) and look around you. So nonsense. Thailand just has a middle class.
Bert asks some very good questions above. The fact is that the Thai economy is just growing and strong. Despite all the doomsayers. Of course, a number of surrounding countries are growing a bit faster now… they developed later and do not (yet) have the infrastructure that Thailand already has. As an aside, Misubishi just announced to build a 3rd factory here. Companies like this really do their homework before making such a decision.
Is it all rose scent and moonshine then? No, Thais have an unparalleled aptitude for shooting themselves in the foot and not thinking very strategically. Of course there is corruption and a class society. In addition, there is the uncertainty about the situation if you-know-what happens. These are risks you should be aware of, of course. But in general and in the long term, Asia, and Thailand too, has a bright future.
Regarding the 7-11 story, this phenomenon is certainly not only seen in Thailand; it is also known as market forces, a phenomenon that people in the Netherlands are very averse to and where this capitalist phenomenon is very successfully suppressed with zoning plans, permits, planning, taxes, levies and an unprecedented bureaucracy. 😉
Dear bert gringhuis, you are very cynical. It seems to me that you already know the answers to your questions. regards, carel
It was a bit cynical, yes, I admit it. The questions came to my mind, because I don't like doom and gloom.
I fully agree with the reactions of Robert and Ferdinant, who sound optimistic about the good prospects for Asia and therefore also for Thailand.
The future will show whether that optimism is justified, because looking ahead economically is equivalent to looking at coffee grounds. There are so many variable factors, of which we don't even know the existence yet, that can change a certain picture just like that.
In my opinion, there is a big difference between doom thinking and realistic thinking, where the prospect for the future is perhaps less rosy.
But just my view.
Look, those 7/11s were just one example of a different economic rule that seems to apply here.
The fact that I see Thai driving a very expensive car is proof to me that there is a very small elite group of Thai people who are very rich. Thailand cannot live on that.
Seeing a larger group of Thai driving new cars is proof to me of an emerging (yet still very small) middle class. It is still a mystery to me how the coffee seller can sell cups of coffee a 15thb from his new Toyota Vigo of at least 600.000thb. In NL you wouldn't get financing for that as a coffee seller anyway.
The old exchange rate of between 46thb and 49thb for 1 Euro is proof to me that there WAS invested. But the current exchange rate is proof to me that that is over now. In fact, with an exchange rate of 38 or lower, it is interesting to get money from Thailand that you have brought in very cheaply.
And all those profits on current imports? No country can live on that, I think all those very expensive cars and condos are bought from that. For real income, a country needs exports. Well, that last one should be less now, right?
Oh yes, I think those new factories that are being opened are just Thai factories that are set up with Thai money or with borrowed money.
I do see that supermarkets employ fewer staff and that factories are also still cutting back (especially with regard to staff).
Yes, things are going very well with a relatively small part of the population. In my opinion, this “growth” is at the expense of the growth of the entire country as a whole. A bit like a junkie using up his body's reserves. That goes wrong one time.
Chang Noi
I once saw a graph comparing the gap between rich and poor in Thailand to the other countries in the region.
It turned out that the gap between rich and poor had widened enormously during the Thaksin regime and that gap had become much wider than was the case in the other countries.
Hi Niek, I have seen countless graphs and figures in my life that were correct, but still gave a very distorted picture. There are lies, lies, and then there are statistics. No one can do anything with this without a source reference and a graph, of course.
I've been looking 'rotten' for that newspaper article, which I had cut out at the time, in which those graphs about the gap between rich and poor in Thailand and surrounding countries were depicted next to each other, but unfortunately I couldn't find it. Your reaction is correct in itself, but take it from me that the 'gap' between rich and poor in Thailand was huge compared to the other countries in the region and also increased in a suffocating line during the years during the regime of Thaksin. And I have no reason to believe that under the Abhisit regime the gap is narrowing.
Ah, I did find the article from “The Nation' by Chang Noi (not 'our' Chang Noi), unfortunately I forgot to date it; urgently need a charming secretary!
The graph about the gap between rich and poor covers 4 countries, namely: Thailand, Indonesia, Philippines and Malaysia over the period 1960-2000; that was before the Thaksin's era, but it will certainly not have gotten any better.
During this period, the gap between rich and poor in Thailand has increased dramatically compared to the other countries, yet similar in many ways to Thailand, according to statistics from researchers at the Australian National University. In those other countries you see that gap narrowing!
The researchers wonder, why only in Thailand did the gap become so large and is even one of the countries in the world where inequality is the highest? They don't know either.
Some economists blame the education policy in Thailand. Only 70% had completed primary education, but few went on to secondary education and beyond. The more education, the greater the chance of higher incomes. But the educational situation has improved. The share of teenagers in secondary education has risen from one fourth to two thirds, so that cannot explain it.
Another theory is the effect of government policies favoring the wealthy and businessmen over the less fortunate. Subsidies for investments are easy to obtain, many are exempt from income tax and the people can pay the tax through VAT.
And, higher education is better subsidized than other forms of education, which mainly benefits the wealthy.
Another theory puts the blame on the fact that the wealthy dominate and control government and are primarily interested only in their own benefit.
That is why the shape of the graph is interesting, Chang Noi continues, where you can see that the widening of the gap only really starts after 1980, when Thailand's 'democratic' system degenerates into 'money politics'.
I would add that favoritism and corruption are also a very important cause of inequality in society and perhaps play a more important role than in those other countries. In international statistics, Thailand also scores worse than those other 3 countries. Strange that Chang Noi forgets to mention that as a possible explanation. At the time his article was published, censorship was not that strict.
Whether this is true or not, I leave in the middle.
The general feeling among the poor population, however, was that they fared much better under Thaksin.
And then a lot worse again.
And no graph can compete with that.
Well your exchange rate story completely passes me by. So a now strong baht is proof to you that there is no more investment? There are of course many factors that influence the exchange rate, but a strong currency usually means that there is a relatively high demand for that currency. Such a situation is often the result of a relatively high level of foreign investment. If there was no more investment in Thailand, the demand for the baht would fall, and the value of the baht would also fall. In several Asian countries, including Thailand, people are not at all happy with the high level of foreign investment and its adverse consequences (inflation, export position), and are taking measures to curb foreign investment.
http://www.businessinsider.com/thailand-puts-massive-15-tax-on-foreign-capital-rushing-into-thai-bonds-2010-10
From most reactions to this subject you can conclude that Thailand is doing well as a country (macro-economically). The GNP is still rising, so (more and more) money is being earned.
How that cake is then distributed in the interior (micro-economically) is a completely different discussion and there, for example, Chang Noi mentions some good points that may need improvement. Reducing the gap between rich and poor and improving education are examples of this and can easily be supplemented with other things.
Interesting discussion.
Looks good for Thailand, plenty of growth and opportunities, friendly people who are very flexible.
Very good and informative blog this, compliments
Greetings from Khon Kaen
oh well, to get some facts straight:
1. that Byrto NP is mainly measured in US$ - so if the rate rises, then Thaland is already growing - without having to do anything for it.
2.there are no 1 7=sewhen per 2000 khon Thai at all. There are now about 7000, so that's roughly 1:10.000. There are 3 competing chains, which are very much smaller. the largest of which is FamilyMart, Japanese, which is very declining - here in this neighborhood 2 of their businesses have already closed after 3-4 years. the fastest growing minimart chain is that of tesco.
It's mainly at the expense of the formerly much more numerous small street trade (don't immediately believe that Auntie Jay did such a nice business - it was primitive, rip-off and ignorant). This is despite the fact that the revenge is mainly aimed at the large hypermarkets - which now also clearly notice that they have put down too much - see the divestment of Carrefour.
3. You parrot like a Thaivisa by stating that they SO increase the prices when the clientele decreases. In a certain neighborhood price agreements are used - almost everything costs the same everywhere, at least if you can take off your farang glasses), but there is certainly competition - on quality and quantity that you get for your money.