In the run-up to the formation of the ASEAN Economic Community in 2015, Thailand continues to strengthen its economic ties within the region as Prime Minister Yingluck Shinawatra traveled to New Zealand from 22 to 24 March, underlining the friendly relations between the two countries and the considerable opportunities that exist to expand their economic relationship.
The Thai economy expanded by an impressive 6.4% in 2012, despite the impact of the 2011 flooding and economic slowdowns in several of Thailand's major trading partners, particularly the countries of the European Union. As the first quarter of 2013 drew to a close, the Ministry of Finance increased its 2013 GDP growth projection to 5.3%, and the Bank of Thailand has signaled that it will increase its 2013 outlook from the earlier projection of 4.8%.
In Thailand's Economic Projection for 2013 (as of March 2013), Mr. Somchai Sujjapongse, director general of the Fiscal Policy Office, announced that the Thai economy in 2013 is expected to grow steadily, by 5.3 percent (the average of the expected range of 4.8 - 5.8 percent). This projection is an increase from the December 2012 projection of (5%) due to an expansion in domestic spending, especially goods consumption, the main driver of the economic expansion. Private consumption Mr. Somchai indicated, was expanding due to the measure to increase income, such as the increase in the minimum wage to 300 baht nationwide and the rice-pledging project.
Fitch ratings, on 8 March 2013, "upgraded Thailand's Long-Term Foreign Currency Issuer Default Rating (IDR) to 'BBB+' from 'BBB'. The Outlook is Stable. The Long-Term Local Currency IDR has been affirmed at 'A-' with a Stable Outlook. The Short-term Foreign Currency IDR is upgraded to 'F2' from 'F3'. The Country Ceiling is upgraded to 'A-' from 'BBB+'."
Thailand has achieved a rank of 15th out of 140 countries for 2011 on the DHL Global Connectedness Index (GCI), in a ranking just released. This is an improvement from 20th place the previous year.
Thailand's rapidly-growing Information Technology industry is playing a vital role in the development of the country, creating enormous economic opportunities for Thai companies, particularly in areas such as multimedia, animation, design, gaming, web development, e-learning, e-commerce, telecommunications and mobile computing.
On 13 March, the Thailand Automotive Institute and the Japan External Trade Organization (JETRO) organized a seminar entitled 'Toward good partners and excellent suppliers" for Thai small and medium sized enterprises (SME) in the auto parts industry. This seminar contributed to enhancing the industry's capacity and efficiency with human resources development in sustainable way for the future of Thailand's automotive industry.
