Thailand

Despite advances over the past year, the slow pace of information and communications technology (ICT) development in Thailand could put the economy at a disadvantage against rival ASEAN neighbours, a series of reports have warned.

Rising consumer confidence has paved the way for Thailand’s retail sector to continue expanding despite an uncertain external environment, with the largest domestic acquisition in the country’s history looming and a wave of new malls set for development.

Set to enjoy another year of strong growth in 2013, Thailand’s economy is benefitting from the wider region’s rapid expansion and inflows of foreign capital. New investment will concentrate on upgrades to transport infrastructure, which will help further improve trade relations with its neighbours.

A major overhaul planned for Thailand’s agricultural sector next year will see the government roll out a zoning initiative as part of a two-pronged bid to optimise crop production and reduce expenditure on price-support schemes.

Financial markets in Thailand are experiencing rising levels of capital inflow, drawn by the economy’s solid performance and sustained political stability. However, there are concerns this flood of funding could cause overheating and create bubbles in some segments, including the stock and property markets.

With arrivals on the increase from both well-established and new markets, 2013 looks set to be another record-breaking year for Thailand’s tourism industry. However, while the sector’s size has earned the tourism industry a place on the global top-20 list, officials believe the country could still close the gap on its rivals by becoming more competitive in key areas.