Thailand

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.

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. After a period of slow growth from 2013 to 2015, the improvement that started in 2016 continued to 2018 due largely to the growth in the agriculture, export, tourism and key production sectors such as manufacturing and construction. However, the GDP growth for 2019 was 2.4%, down from 4.21% in 2018 due to weaker demand for exports reflecting the impact of US-China trade tensions, slowing public investments driven by a delay in the passage of the FY 2020 budget, and a drought, impacting agricultural production. In 2020, the Thai economy is projected to decline in the range of -6.0% to -5.0% due to the impact of the Covid-19 outbreak resulting in a decline in exports and in the number and revenues of foreign tourists in Thailand as well as a slowdown in domestic demand.   

PwC has had a presence in Thailand for 61 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.