This was supposed to be the year that political and
economic life in Thailand returned to normal, after
a lost year under a well-intentioned but generally
inept military-backed government.
Things haven’t turned out as the optimists among us had
hoped. The protesters are back on the streets, demanding
the exit of what they claim is a proxy administration doing
the bidding of Thaksin Shinawatra, themanthe coup-makers
kicked out in 2006. Regrettably, they haven’t shedmuchlight
on what they would offer in its place.
But pocketbook issues have trumped politics elsewhere,
as interest groups of all stripes seek shelter from the perfect
storm of high fuel and food prices. As politicians tend to do,
the current government is providing quick-fix handouts
while it thinks abouthowto address the longer-term systemic
problems.
Many investors aren’t sure what to make of the political
flap, and in any case they have more pressing concerns, such
as rising costs for nearly everything. Still, they show few signs
so far of scaling back their plans for Thailand, a country that
seems to keep succeeding despite itself.
 Economy
Signs of slowdown abound
After two years of disappointing economic growth weighed down by domestic political tensions, many had hopes that 2008 would be different.
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 Energy
An inconvenient truth
In the face of the new oil crisis, when people are wondering how they could survive at a time when the cost of living is blown sky-high but real incomes are in negative territory, the Thai government has yet to settle on a clear direction to solve the escalating problems.
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 Banking & Finance
Secure footing challenged
Thai banks are expected to post generally stronger profits for 2008, thanks to lower provisioning expenses and higher net profit margins.
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 Markets & Investing
Another lost year for Thailand's stock market
The year started optimistically for many stock investors, as analysts called for a bull run based on rising earnings growth and a revival in confidence following the December 2007 elections and the return of Thailand to democracy.
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 Agriculture
Harvest of plenty
Thailand's agricultural sector this year has been the beneficiary of a worldwide phenomenon, with farmers' incomes rising along with product prices that have reached record levels for some key commodities.
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 Trade & Exports
Emerging markets hold key
Thai exports are expected to grow by 12.5% in 2008 despite the threat of high oil prices in the second half of the year.
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 Industry
Sound growth despite storms
The industrial sector stayed sound in the first six months of 2008, even though the elected-government failed to make any improvements to the unfavourable business climate.
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 Automobiles
Change of course
Sales of new vehicles in the "Nagoya of Siam" expanded to 271,367 units in the first five months of 2008, as the industry geared up for the launch of the eco-car programme that almost lost its bearings after the emergence of E85 as the cure-all solution to the energy crisis.
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 Property
Banking on tax breaks
A brighter outlook for the property market this year has given way to anxiety because of political problems stirred in May by the People's Alliance for Democracy rallies and the rising costs of living and construction stoked by oil prices and inflation.
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 Retailing
Time for more creativity
Despite higher oil prices and inflation, retail businesses in the first half performed better than in 2007. This was largely because of the election in December 2007, which lifted consumer confidence in the first quarter. Fashion, food, furniture and electrical appliance sellers reported better sales at major retail outlets as well.
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 Telecommunications
On hold, as usual
Thailand's telecommunications industry continues to be a casualty of politics, to the point that poor neighbours Laos and Cambodia today can even boast some technologies and services that Thailand lacks.
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 Media & Advertising
Ad revenue outlook dims
The media industry hopes the economy improves in the months ahead, after consumer confidence fell in April for the first time in six months.
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 Tourism
Staying ahead of regional rivals
Shortly after taking office, Tourism and Sport Minister Weerasak Kohsurat made a bold commitment that 2008 would be the year of Thai tourism and 2009 the year of investment in the tourism industry.
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 Aviation
Airlines fly into another perfect storm
The airline industry is in distress and calling Mayday. As oil prices continue to soar beyond imagination and air travel demand is weakening due to global economic slowdown, the industry is bracing for another perfect storm with greater dimension than before.
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 Facts & Figures
- LABOUR FORCE STATISTICS
- AVERAGE WAGE BY INDUSTRY
- EMPLOYMENT BY EDUCATION
- WORLD ECONOMIC OUTLOOK
- ASIAN ECONOMIC OUTLOOK
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