Thailand, a country located in Southeast Asia, is bordered by Myanmar to the north and northwest, Lao PDR and Cambodia to the east, Malaysia and the Gulf of Thailand to the south, and the Andaman Sea to the southwest. A unified Thai kingdom was established in the mid-14th century. Known originally as Siam, the country was renamed Thailand (Land of the Free) in 1939. Thailand's capital city is Bangkok, its currency is the baht (THB), and the official language is Thai.
Following almost five years of military rule, a general election was held on 24 March 2019 pursuant to a new constitution that was promulgated on 6 April 2017. The new government took office on 16 July 2019.
Thailand is Southeast Asia’s second largest economy after Indonesia. With a well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies, Thailand historically has had a strong economy. However, it experienced slow growth from 2013 to 2015 as a result of domestic political turmoil and sluggish global demand, which curbed Thailand’s traditionally strong exports, mostly electronics, agricultural commodities, automobiles and parts, and processed foods. The improvement that started in 2016 continued due largely to the growth in the agriculture, export, tourism, and key production sectors, such as manufacturing and construction. The gross domestic product (GDP) growth for 2018 was 4.1%. However, 2019 has not been a good year, and the GDP growth is currently estimated to be in the region of 2.6%. While government spending is continuing on large infrastructure projects related mainly to the dual tracking of railways and the expansion of the key economic sectors, the decline is a result of slower global demand, declining exports due in part to US/China tensions, and the appreciation of the Thai baht. Nevertheless, the government has in place a 20-year National Strategy (2017-2036) for attaining developed country status through broad reforms that address economic stability, human capital, equal economic opportunities, environmental sustainability, competitiveness, and effective government bureaucracies.
PwC has had a presence in Thailand for 60 years. Our client base includes some of the largest Thai and multinational companies as well as government institutions. Our close interaction with both economic and state bodies allows us to keep up with the fast-changing business environment. We have over 2,000 people working in our Bangkok-based office.