Categorized | Global Economy

Local Thais Seek to Supplement Their Income

The 1990′s saw the rise of the Asian Tigers with impressive double-digit income increases benefiting the entire population. By 2014, the World Wide Web has opened the door for entrepreneurs to bypass traditional government bureaucracies to make money directly. So how are local Thai citizens boosting their own income in the Digital Age?

Thai Military Directs Economy

For many months at the beginning of 2014, there were political protests between the Yellow Shirts and Red Shirts in Thailand. The February 2, 2014 elections were even nullified by Thailand’s Constitutional Court. As the political impasse continued, global financial firms were discussing downgrading the nation’s credit rating. The Thailand Finance Ministry Director General Somchai Sajjapongse cut the Thai growth forecast from 4% down to 2.6% due to the political instability.

On May 22, 2014, Thai General Prayuth Chan-ocha staged a coup nullifying the nation’s 18th constitutional government. Some nations have not accepted democracy, which tends to create “irresponsible politicians spending too much money and destroying basic morals.” General Prayuth Chan-ocha stated that the coup was necessary “… to reform the social structure economically, socially and in other ways, to create equality for everybody… .”

Thailand is a Welcoming Environment for Business

Thailand is well-positioned to move forward economically, but the people must agree on the public policy. According to a World Bank ranking of 189 countries, Thailand is the 18th best nation in which to do business.

During the 1990s, the country experienced double-digit growth rates. From 1997 to 2012, the Thai GNI-per-head (Atlas method) rose from USD$3,000 to USD$5,200. Thailand has a very high literacy rate of 93.5% as of 2012 giving it a key advantage in the global marketplace.

thailand data 1 thailand data 2

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Entrepreneurs Combine Traditional Thai Values with Making Money

The average Thai has realized that technology allows him to become a self-made businessman. The concept of do-it-yourself (DIY) has been emerging as Thai citizens “market their skills directly online.” The World Wide Web allows common citizens to directly sell their services of local tours, restaurants and activities thereby turning them into entrepreneurs.

Be soft spoken and smile at all times, a Thai motto.

Thais remain very conservative in terms of the “Host” and “Guest” hospitality requirements. The retention of this traditional value system gives the culture an advantage in providing services to their customers, clients or guests.

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