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Home > News > Regional News

Thailand’s standing in the Emerging Asia Manufacturing Index

Source:Adsale Plastics Network Date :2024-07-08 Editor :RC
Copyright: This article was originally written/edited by Adsale Plastics Network (AdsaleCPRJ.com), republishing and excerpting are not allowed without permission. For any copyright infringement, we will pursue legal liability in accordance with the law.

The Emerging Asia Manufacturing Index 2024 report (EAMI 2024) highlights predicts a slowdown in Thailand’s economy due to high household debt.

 

Background of the report

 

Dezan Shira & Associates, a pan-Asia, multi-disciplinary professional services firm, published the EAMI 2024 to provide insights into the factors that influence the manufacturing sector in eight selected countries in Asia, namely Bangladesh, China, India, Indonesia, Malaysia, the Philippines, Thailand, and Vietnam.

 

48 parameters across eight criteria are assessed in the report, including economy, political stability, business climate, global trade, taxation, infrastructure, labor force, and innovation.

 

Details on the report

 

On the economic aspect, Thailand was ranked last among the eight Asian countries.


Thailand 2024 emerging manufacturing index_economy.JPG


Data on economy assessment.

 

According to the report, the country’s economy is predicted to grow between 2.2-2.7% in 2024. This prediction is resulted by the slowing exports, a key driver of economy in Thailand. Moreover, Thailand’s household debt was 87% of GDP in 2023, among the highest in the world.

 

It is worth noting that tourism is an important industry to Thailand, of which the country is expected to attract 36 million tourists in 2024, contributing around US$62 billion to the economy. This is approximately 20% of the country’s GDP.

 

For its business environment, Thailand was ranked fourth.


Thailand 2024 emerging manufacturing index_business environment.JPG


Data on business environment assessment.

 

The EAMI 2024 report pointed out that Thailand has worked to improve its business environment, particularly in high-value industries, to attract more foreign investments.

 

One of the examples is the latest incentive to support the electric vehicle (EV) industry. Thailand’s National Electric Vehicle Policy Committee (EV Board) approved new measures to support the uptake of electric buses and electric trucks, along with the establishment of battery bases.

 

The EV Board also approved the expansion of the EV3.5 scheme, which aims to support the production of EVs by offering a subsidy of up to US$2,722 per car from 2024 to 2027. This scheme focuses on electric passenger cars, motorcycles, and pickup trucks.

 

For infrastructure, Thailand was ranked second among the eight assessed countries. The country also ranked first in the parameters of “energy availability”, “environmental regulation” and “internet speed” were ranked first.


Thailand 2024 emerging manufacturing index_infrastructure.JPG


Data on infrastructure assessment.

 

Thailand’s energy is diversified, with natural gas accounting for over 50 percent of electricity generation, followed by coal and renewable sources.

 

Its telecommunications penetration is high, with mobile subscriptions exceeding 100% of the population and internet users surpassing 60 million.


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