Risks of doing business in Thailand published by WEF

[webfact]

Risks of doing business in Thailand published by WEF

By The Nation

 

Pimchanok Vonkorpon, the director-general of the Trade Policy and Strategy Office (TPSO)

 

The World Economic Forum has released its Regional Risk of Doing Business 2019 report, which names 5 risks of doing business in Thailand, Pimchanok Vonkorpon, the director-general of the Trade Policy and Strategy Office (TPSO) said on Thursday (November 14).

 

According to the report, the global top 10 risks of doing business in 2019 are: 1. Fiscal crises, 2. Cyberattacks, 3. Unemployment, 4. Energy price shock, 5. Failure of national governance, 6. Profound social instability, 7. Data theft, 8. Interstate conflict, 9. Failure of critical infrastructure and 10. Asset bubble.

 

Businesses in East Asia and the Pacific face risks on four different aspects, namely environmental, technological, geopolitical, and economic. The top ten risks are listed as: 1. Natural catastrophes, 2. Cyberattacks, 3. Interstate conflict, 4. Fiscal crises, 5. Extreme weather events, 6. Asset bubble, 7. Data theft, 8. Energy price shock, 9. Unemployment and 10. Failure of national governance.

 

For Thailand, the top five risks are: 1. Asset bubble, 2. Failure of national governance, 3. Cyberattacks, 4. Manmade environmental catastrophes and 5. Profound social instability.

 

Pimchanok urged related agencies to conduct in-depth studies on the risks of doing business in Thailand in order to gain the confidence of foreign entrepreneurs and also develop guidelines and measures to cope with these risks.

 

“TPSO will follow up the reports, surveys, rankings and studies of organisations recognised worldwide such as World Bank and World Economic Forum and publicise economic issues which are beneficial to the operations of Thai entrepreneurs,” she said.

 

“One of the important roles of this office is to provide information and advice for entrepreneurs to create awareness of economic situation in order to promote a proactive strategy that will allow the market to expand to many regions and boost business capability,” she added.

 

Source: https://www.nationthailand.com/news/30378367

 

-- © Copyright The Nation Thailand 2019-11-15

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[Chelseafan]

Wow, that's a pretty damning report. They're pretty much saying don't do business in Thailand.

 

[Chang_paarp]

23 minutes ago, webfact said:

For Thailand, the top five risks are: 1. Asset bubble, 2. Failure of national governance, 3. Cyberattacks, 4. Manmade environmental catastrophes and 5. Profound social instability.

Where does petty and racist bureaucracy fit into that list?

[Fred white]

Failure of Nat governance does that mean the dic I mean PM and unelected senators should step down

[canuckamuck]

What are they talking about the army has run the show since the 30's and nothing is going to change that anytime soon.

 

[Eligius]

Some silly, prejudiced people might think this is a damning assessment.

 

But I have been told by high officials that actually this is a 'misunderstanding' and what was really written down in the report was that Thailand simply could not be bettered in any major area; in fact, it is the hub of all excellence in all businesses, governance and finance!

[lujanit]

In Thailand there is a sixth concern. Massive corruption at all levels of government.

[Enoon]

 

Biggest problem, for a country that thinks it's going to get out of the "middle income trap", is:

 

Innovation Capability (100 = top score):

 

Germany, 87, Ranked 1st

USA, 85, Ranked 2nd

Taiwan, 80, Ranked 4th

Thailand, 44, Ranked 50th

 

http://www3.weforum.org/docs/WEF_TheGlobalCompetitivenessReport2019.pdf

 

 

[mfd101]

11 minutes ago, lujanit said:

In Thailand there is a sixth concern. Massive corruption at all levels of government.

Comes under Item 2.

[kotsak]

They forgot to mention that as a foreigner you most likely will start your partnership with a 49% loss ????

[Tayaout]

25 minutes ago, kotsak said:

They forgot to mention that as a foreigner you most likely will start your partnership with a 49% loss ????

51% ????️‍♀️. (and 4 full time thai employee).

[StayinThailand2much]

3 hours ago, Eligius said:

Some silly, prejudiced people might think this is a damning assessment.

 

But I have been told by high officials that actually this is a 'misunderstanding' and what was really written down in the report was that Thailand simply could not be bettered in any major area; in fact, it is the hub of all excellence in all businesses, governance and finance!

Thailand always #1, good or bad! ????

[trainman34014]

There is obviously a massive mistake; Thailand is 'The Greatest Country on Earth' and perfect in every way !

[Chelseafan]

1 hour ago, kotsak said:

They forgot to mention that as a foreigner you most likely will start your partnership with a 49% loss ????

51%

[Matzzon]

5 hours ago, webfact said:

Manmade environmental catastrophes

Yeah, they are professionals at that. Just look at the garbage at the roadsides, and the faulty motoric functions when they shall trow something in a waste bin.

[HeyHeyHey]

Tomorrow's news release: WEF used incorrect data, foreign businesses vely happy

[30la]

Listen, listen! Is there really still someone who believes in a good investment in Thailand?

[Pedrogaz]

So after years of junta bringing happiness to the people, we still have profound social instability? The most unequal place on earth.

[Srikcir]

20 hours ago, webfact said:

For Thailand, the top five risks are: 1. Asset bubble, 2. Failure of national governance, 3. Cyberattacks, 4. Manmade environmental catastrophes and 5. Profound social instability.

You really can't separate #2 from #5.

https://www.nationthailand.com/business/30376120  

• "Many of our leaders now accept that inequality is a problem. They give speeches and write manifestoes promising to do something about it. They ask economists like me to give them advice, and I do so. But nothing much happens.”  
• "Thailand needs to have the continuity in the administrations run by the democratically elected governments to solve the inequality on a non-interrupted basis.”  

20 hours ago, webfact said:

Unemployment

The EEC lacks 30,000+ skilled workers, SME's being seriously impacted by loss of exports, agricultural sector having 40% of employed laborers suffering economic losses, the number of unemployed university graduates will reach 500,000 circa 2020 Summer, government stimulus unlikely to reach communities, more emphasis on automation and e-commerce supplanting the workforce, etc.

I don't see how unemployment factor is not a major risk for Thailand.

[Woodsie888]

17 hours ago, Tayaout said:

51% ????️‍♀️. (and 4 full time thai employee).

As a lot of people think they have effective control of the 51% the calculation is more likely

49% + 51% = 100% loss.????

[Fred white]

5 hours ago, Srikcir said:

You really can't separate #2 from #5.

https://www.nationthailand.com/business/30376120  

• "Many of our leaders now accept that inequality is a problem. They give speeches and write manifestoes promising to do something about it. They ask economists like me to give them advice, and I do so. But nothing much happens.”  
• "Thailand needs to have the continuity in the administrations run by the democratically elected governments to solve the inequality on a non-interrupted basis.”  

The EEC lacks 30,000+ skilled workers, SME's being seriously impacted by loss of exports, agricultural sector having 40% of employed laborers suffering economic losses, the number of unemployed university graduates will reach 500,000 circa 2020 Summer, government stimulus unlikely to reach communities, more emphasis on automation and e-commerce supplanting the workforce, etc.

I don't see how unemployment factor is not a major risk for Thailand.

If the EEC is lacking 30,000+ skilled workers then the university students are taking the wrong subjects which goes to prove university is almost worthless they need better trade schools

[TallGuyJohninBKK]

On 11/15/2019 at 2:32 PM, webfact said:

For Thailand, the top five risks are: 1. Asset bubble, 2. Failure of national governance, 3. Cyberattacks, 4. Manmade environmental catastrophes and 5. Profound social instability.

 

I think they forgot a few pertinent issues here, like:

--official corruption, fraud and related misdeeds

--lack of the rule of law / legal protections for foreign entities

--un-skilled, under-educated, unmotivated workforce

 

[Benmart]

Corruption is perhaps included in the "Failure of national governance"?

[Redline]

On 11/15/2019 at 2:32 PM, webfact said:

promote a proactive strategy

???????????????? 

[balo]

If you want to do business in Thailand with a profit, open a stall and sell street food. Cash only and forget the tax. ????

[Damrongsak]

On 11/15/2019 at 3:25 AM, Eligius said:

Some silly, prejudiced people might think this is a damning assessment.

 

But I have been told by high officials that actually this is a 'misunderstanding' and what was really written down in the report was that Thailand simply could not be bettered in any major area; in fact, it is the hub of all excellence in all businesses, governance and finance!

Thailand has more hubs than this Mammoet trailer.

 

[Chazar]

On 11/15/2019 at 3:39 PM, lujanit said:

In Thailand there is a sixth concern. Massive corruption at all levels of government.

stop slurring the "good"  name of the finest land in the world????

[justin case]

On 11/15/2019 at 3:46 PM, Enoon said:

 

Biggest problem, for a country that thinks it's going to get out of the "middle income trap", is:

 

Innovation Capability (100 = top score):

 

Germany, 87, Ranked 1st

USA, 85, Ranked 2nd

Taiwan, 80, Ranked 4th

Thailand, 44, Ranked 50th

 

http://www3.weforum.org/docs/WEF_TheGlobalCompetitivenessReport2019.pdf

 

 

middle income trap ?

 

where most people don't finish high school

 

and MOST all act like farmers with no manners, rich or poor alike

[BestB]

Its somewhat funny to read all this kind of findings. Not too long ago it was Thailand is one of the easiest places to do business. Not the best for business but ranked very well, to now this report which paints bleak picture of how hard it is to do business in Thailand.

[sup3r1or]

6. Inability to actually own your business.