Thai Economic - 2970 Words

Thailand Economic Report Section I; Factual description The economics of Thailand is a mixed economy which means the combination of capitalism and socialism. The government and private sector both involve in business mechanism of the country. Government support private investors to invest in agricultural, industry, services and at the same time, encourage them to purchase shares in important government business. Although the government gives fully support the competitive in the local and international business and investment but the government still take an important role on planning and intervening demand and supply by owning the majority of the shares in some business that has major profit. For example, electricity, water supply,†¦show more content†¦The products from the sea are for the consummation in the country and also to turn in to frozen product for export. Cheap labor; Comparing to most part of the world, Thailand is considered to have low standard wage for labor. This fact attracts the investor to come produce their product in Thailand and then shifts the finish product back to their countries again. Cheap raw material cost; not only the cheap labor cost that attract foreign investor but cheap raw material is another factor that bring more business man from Thailand and foreign country to invest in Thailand. For instant, cheap metal lead are use to produce the electronic component and automotive parts for export purpose. Weakness Lack of capital; In order to develop the economic, Thailand need to stimulate the economic activities but to be able to do that, capital is needed. Capital referred to material use in the production process. Thailand still lack of capital, for example, the high technology machinery equipment for manufacturing and also the lack of social capital such as education and peace. Low basic standard education; People need archive a certain level of education to be able to have a decent career. Thai children have not received basic quality education. There are not enough people with medium to high level of knowledge to serve the needs of industry which will affect the capacity to competed efficiency with other competitors and to be sustainably developingShow MoreRelatedThailand And The Philippines : Political System And Government Structures2270 Words   |  10 Pagesare currently under the rule of a noteworthy, but controversial leader. For Thailand, Thaksin’s reign as prime minister from 2001-2006 was monumental for Thailand for two reasons. One, Thaksin was the first Thai prime minister to serve a full term in office and two; Thailand saw vast economic progress under Thanksin’s term, coining the term â€Å"Thaksinomics.† Duterte is popular for his bold statements and rampant killings in efforts to reduce the presence of drugs in the Philippines. 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