Situated in the South East of Asia, Thailand has experienced a number of years of economic growth, although the military coup of 2006 has stalled any growth in the immediate future.  While the coup has not had a massive effect on the day to day running of the country, there are concerns about the date for the promised democratic elections.  There is pent up demand with regards to foreign investment, but as and when this will actually materialise is uncertain at the moment.

The main focal point of the country continues to be Bangkok which has an official population in the region of 7 million (although independent estimates put this closer to 14 million).  The city is one of the main tourist attractions of the world and a common stopping off point for Europeans making the long journey to Australia.  Tourism is fast becoming a massive part of the Thai economy, opening up foreigners to some of the beauty of this ancient country.

The Thai immigration system is fairly simple for Expats wishing to live in Thailand . While it is possible to arrive in the country without a visa, it is recommended that visas are arranged prior to travel especially if you are looking to stay more than 40 days.  It is also recommended that you do not out stay your welcome, ensuring that your visa is updated if your stay is extended.  There are situations where if you are found to have an invalid visa you may be detained in an Immigration Detention Centre - until your case is heard and you are deported. 

Content: Culture in Thailand | Employment in Thailand | Property in Thailand | Key Facts on Thailand

Culture in Thailand

Thailand is a unique state in the history of the Far East, having been one of the few countries never to have been colonised by any of the European super powers.  This was due to a deep sense of national pride together with some great leaders of the past, who served the population as well as could be expected.

The country itself is dominated by a range of Thai speaking ethnic groups who have all had an impact upon the culture of the nation, although the Central Thai’s have the largest impact.  The Central Thai dialect has become common throughout the whole of the country, in tandem with the various localised languages evident in various parts of Thailand.

The culture of Thailand is based upon Thai Buddhism, with a deeply spiritual connection with the past, a social hierarchy and strong sense of generosity and giving.  This is perhaps the reason why the country is becoming more and more popular with foreign nationals.  While no where near the main contributor to Thai culture, the country has a significant part of the population descendent from Chinese ancestry - and they have brought many Chinese traditions and values with them.

While the country has a strong culture based upon the past, food is also one of the more traditional ways in which the culture is promoted.  Thai food offers an interesting blend of sweet, spicy, sour, butter and salty with a variety of sauces - something which has been easily exported to many overseas countries.

Employment in Thailand

Thailand has a predominately export driven economy, and while it has taken some time to build up and expand the relatively new focus of the economy, it has been very successful.  The economy was the best performing in the world between 1985 and 1995, averaging in excess of 9% growth per annum.  This has formed the basis for the Thai economy which we see today, with particular strength in the areas of rice, textiles, rubber, jewellery and electrical appliances.

This impressive performance was abruptly halted for 12 months in 1997 with the onset of the Asian crisis, which had a massive impact on the Thai currency (as well as other currencies in the area).  The Thai currency was then revalued to combat the issue of currency speculators taking advantage of the weakness - during this period the economy shrunk by some 10%.  The economy then resumed a growth period from 1998 onwards - a trend which is continuing to this day.

Thailand has an excellent record on employment with under 2% of the population unemployed - and a growing number of short and long term stay immigrants contributing more and more to the economy, and the quality of the economic revival.  This has resulted in Thailand being rated as the 21st largest economy in the world.

While the short term situation is being driven by the military leaders who instigated the coup, the medium and longer term prospects are still very good.

Property in Thailand

As you might expect from a country which is as diverse as Thailand, the property market is both varied in styles and prices.  The price of property is areas such as Bangkok continue to grow as the influx of immigrants continues, although overall there is expected to be a slow down in the market.

Initial forecasts at the start of the year were for 10% growth in 2007, although this has recently been revised down to 5% (a big difference from 10%, but still encouraging).  However there is some concern that financial institutions in Thailand have been fairly cavalier in their recent approach to lending.  If interest we to rise any further in the short term then the pressure on property owners would increase dramatically.  Many are looking for the government to assist in bring lending back under control.

While there is a danger of a short term economic growth bubble, the longer term prospects for the country are still very positive.  Many expats have, and continue to make their home in Thailand and the while there is some confusion about the current authorities, the positive promotion of Thailand to expats has never been in doubt.

Even after the rise of recent years, the Thai property market is still fairly young and under developed in many areas, offering great potential for long term economic growth.

Conclusion

A strong cultural background has served Thailand very well, giving the country a distinct identity when many have been influenced by other countries.  This national pride has ensured that the economy has performed very well over the last 20 years, and the prospects longer term are still up beat.  

The country is becoming more and more popular with those looking to relocate to the Far East, although some have delayed decisions until the political scene becomes more settled.  Thailand is definitely on the up and Bangkok has proved to be a very useful location to catch the attention of travellers.  Tourism seems to be growing year on year, with visitor number rising all of the time.

More facts about Thailand:-

Capital : Bangkok

Official Language : Thai

Government : Military Junta

Size : 514,000 km2

Population : 63 million

Currency : Baht

International Dialling Code : +66

Economy : 21st largest in the world

Religion : Buddhism