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Thailand’s airlines companies jeopardized by safety ban
Thailand’s 2010 GDP growth is projected at 3.5%, driven by domestic demand. In the context of weaker global demand in 2010, exports will grow modestly, but the restocking cycle and slow rebound in investment also imply a pick-up in imports, which results in muted net external demand. Public and private investment add 0.8% point to the growth rate, while normal stocking patterns provide a boost to growth of 1.5 % points . Thailand’s Household consumption picks up modestly, adding 0.8 percentage point to the growth rate, whereas public consumption decelerates from 2009 levels but still adds 0.4 percentage point.
Thailand enjoys a strategic location and serves as a gateway into the heart of Asia – home to what is today the largest growing economic market.
The country also offers convenient trade with China, India and the countries of the Association of Southeast Asian Nations (ASEAN), and easy access into the Greater Mekong sub-region, where newly emerging markets offer great business potential.
Thailand plans to be the Hub of ASEAN
Thailand was one of the founding members of ASEAN and has been instrumental in the formation and development of the ASEAN Free Trade Area (AFTA).
AFTA entered into force on 1 January 2010 for the six original ASEAN (ASEAN-6) members (Thailand, Singapore, Malaysia, Indonesia, Philippines, and Brunei), thereby reducing import duties to zero; the so-called CLMV countries (Cambodia, Laos, Myanmar and Vietnam) will follow suit in 2015.
Thailand has forged close economic cooperation with other ASEAN member nations, and Thai manufactured products and services have access to their markets, which includes all 10 ASEAN countries. ASEAN is home to more than half a billion people, GDP in excess of US$1.5 trillion and total trade of well more than US$1 trillion per year.
The size of the work force in Thailand now exceeds 34.1 million, with the majority of the workforce under 30 years of age. Each year about 800,000 people join this force. Many standard labor practices apply, including mandatory severance packages, and overtime payments for work in excess of the normal workday.
The minimum wage in Thailand is currently 203 baht per day in Bangkok and slightly less in the provinces. While not the lowest labor market in the region, Thailand’s workforce is among the most cost-efficient in the world, as they have earned a reputation for diligence and adaptability.
In Thailand, the King is head of state, while the leader of the government is the Prime Minister. Other chief executives also include cabinet members and ministers, together with high-ranking government officials in ministries, bureaus and agencies. As head of state, the King has the authority to exercise sovereign power through the National Assembly, the Council of Ministers, and the Courts. The Prime Minister functions in the name of the King, and is responsible for all royal commands regarding the affairs of the State.