Key View

• Exports will see continued and robust growth in Thailand.
• Thailand will continue to represent an attractive investment location for pharmaceutical manufacturing.
• Thailand boasts a strong pharmaceuticals and biotechnology industry.

Thailand is a key exporter of medicines within South East Asia. A large share of exports goes to

Key View

• Growth in Thailand's transportation infrastructure sector will mainly be driven by rail projects, which accounts for 78% of the total value of major projects currently at planning or under construction.
• Projects in the high-speed rail (HSR) segment account for the majority of the total value of rail projects. However, these HSR

Key View

• We expect gas to remain a key power generation source in Thailand despite government attempts to diversify away from the fuel source, although this will gravitate increasingly toward liquefied natural gas (LNG) for feedstock.
• A significant increase in imports of LNG capacity, and ventures into the market by almost every major power

Key View

• Thailand will remain a key pharmaceutical market for drugmakers.
• There is a strong will to incentivize the production of active pharmaceutical ingredients locally and boosting Thailand’s appeal for foreign drugmaker investment.
• Risks in the form of medicine pricing and budgeting for healthcare threaten drugmakers' revenue-earning

Key View

• The Thailand Board of Investment's (BOI) new economic measures to help businesses reduce the impact of Covid-19 on their operations will promote domestic production and investment in Thailand's medical devices sector.
• Production of medical gloves will receive a boost in 2020 amid the Covid-19 pandemic, and Thailand will remain among

At a time when IPO plans are being postponed or cancelled altogether on stock exchanges around the globe, in Southeast Asia, Thailand is appearing to buck the trend with the proposed listing of PTT Oil and Retail, the retail arm of conglomerate PTTOR, which produces and distributes petroleum products. The asset is on course to become the largest

Key View

• We at Fitch Solutions expect Thailand’s current account surplus to shrink from 7.0% of GDP in 2019, on the back of a sharp drop in external demand amid the Covid-19 pandemic.
• In particular, Thailand’s tourism sector will prove a significant drag and poses downside risks to our current account forecast of 6.0% of GDP in 2020.
• Offsett

Key View

• The imposition of strict movement restrictions and business closures on key South East Asian countries to stem the rapid spread of coronavirus will severely impact vehicle sales in 2020.
• Plummeting business and consumer sentiment as a result of an eroding global economic outlook will further exacerbate the decrease in total vehicle

Key View

• We observe a healthy mix of domestic and foreign contractors engaged in various projects in Thailand, with companies from Asia and Europe winning roles.
• Japanese financiers have a large presence in Thailand, alongside major Thai financial institutions. Generally, public-private partnerships will play an important role in the

Key View

• We at Fitch Solutions are revising down our real GDP growth forecast for Thailand in 2020 to 2.0%, from 3.0% previously, which marks a slowdown from 2.4% in 2019.
• We expect the subdued external demand backdrop that weighed on growth in 2019 to continue into 2020 as a result of the Covid-19 outbreak.
• Further risks to the downside