After starting to experience a post-COVID-19 economic recovery in 2022 of 2.6%, the economy in Thailand is slowly improving. [1] Thailand market trends are changing, so potential investors or entrepreneurs need to be updated more.
If you want to enter the Thailand market, pay attention to the various opportunities and challenges to make it easier to determine policy direction. Below, we will discuss both of these things.
Thailand Economic Outlook
As discussed in the opening, Thailand’s economic conditions will start to improve in 2022. Several sectors that play a significant role are tourism, domestic consumption, investment, and exports to many countries.
To help improve this country’s potential and industry insight, the government has implemented various economic development efforts. For example, in 2023, the focus will be on six aspects, namely:
- Increase exports to various countries.
- Encourage increased private investment.
- Supports increased yields and farmer income.
- Creating a political environment that always maintains stability.
- Maintaining investment momentum and growth in state spending.
- Encourage the recovery of the service and tourism industry.
- With all these efforts, in 2023, the economy in this country will continue to experience growth.
Opportunities and Challenges
To enter the market in this country, you must pay attention to some aspects, like entry barriers, business goals, competition, and commitment to the market. These aspects have opportunities and challenges, so they must be considered in detail.
1. Opportunities
Seeing the promising economic growth, the opportunity to enter the Thai market is still wide open. Especially for those involved in the tourism sector because the trend of global tourist influx is now relatively high.
Apart from that, the opportunity to enter this sector is also ample because personal consumption is relatively high. Conducting market research, utilizing domestic e-commerce sites, and finding suitable work partners are crucial to finding the best opportunities.
2. Challenges
On the other hand, entering the Thai market is also quite challenging for new businesses. People’s loyalty and trust in the brands they have used for a long time is relatively high, so it will take a lot of work for new industries or businesses to enter.
Price awareness is also a challenge because people in this country tend to buy products or use services at low prices.
For potential investors or businesses in the online product sector, people’s fear of online fraud also plays a significant role in disrupting efforts to enter the market.
Apart from the various opportunities and challenges in the Thailand market trends above, the potential for success in this country will be higher if you can take advantage of the gaps. For more information, visit our page.
