Insights

Thailand stands at a crossroads. Once powered by a young and growing population, the country now faces fewer births, a rising elderly population, and a rapidly shrinking workforce. This is not a distant problem but one already reshaping the economy, society, and future of the nation. The question is not when the demographic crisis will occur, but whether Thailand can adapt quickly enough to survive.

Business leaders in Thailand are navigating a climate of uncertainty. Many trust the strength of their own companies, but confidence in the national economy has weakened. Political disruption, tariffs, and regional tensions have left the outlook fragile and the future unclear.

Thailand is facing a rising threat to its future workforce. Brain drain, the movement of skilled people abroad for better pay, opportunities and quality of life is easier than ever in a globalised world, and its effects on Thailand are already visible. As younger generations enter the job market, society and workplaces must recognise their changing needs and respond appropriately, as coupled with the country’s demographic pressures, the need to keep and grow a strong workforce has never been greater. The question is clear, will Thailand make the changes needed to reverse brain drain, or will it keep watching its skills slip away.

Building a Sustainable Business – 360 Degrees explores six key pillars for sustainable growth, combining strategic insights, best practices, and real-world examples to help businesses build resilience and thrive in an uncertain economy.

Building a Sustainable Business – 360 Degrees explores six key pillars for sustainable growth, combining strategic insights, best practices, and real-world examples to help businesses build resilience and thrive in an uncertain economy

Building a Sustainable Business – 360 Degrees explores six key pillars for sustainable growth, combining strategic insights, best practices, and real-world examples to help businesses build resilience and thrive in an uncertain economy.

Thailand’s mid-market businesses are facing increasing pressure as business confidence drops sharply, with investment in technology, workforce development, and productivity failing to keep pace with ASEAN peers. This trend, highlighted in the latest Grant Thornton International Business Report (IBR) for Q4 2024, raises concerns about the country’s long-term competitiveness in an evolving regional landscape.

2024 is set to be a year of mass disruption as long-standing business models are tested by the rapid pace of technological advancement, causing economic upheaval around the world. In the last great technological leap, we saw traditional businesses such as Blockbuster, Tower Records and Kodak disappear as Netflix, Spotify and Instagram came from nowhere to dominate.

Thank you to the 140+ attendees from over 70 companies who joined us for the Accounting & Tax Updates 2024 Seminar!

Thailand’s economy has demonstrated positive growth in the first half of 2024, yet the country continues to lag behind its ASEAN neighbours. As mid-market leaders weigh the impacts of global uncertainty, concerns over long-term investments in skills and technology are being raised, according to the latest findings from Grant Thornton's International Business Report (IBR) for Q3 2024.

The Grant Thornton International Business Report (IBR) for Q2 2024 reveals a nuanced outlook among Thailand's mid-market business leaders. With a Business Health Index score of 16.3, Thailand continues to outperform its ASEAN, Asia-Pacific, and global peers. However, underlying economic concerns tell a different story and highlight the need for strategic vigilance.

Last year, the Thai Revenue Department (“TRD”) issued Departmental Instructions No. Paw 161/2023 and Paw 162/2023 concerning foreign-sourced income. According to these instructions, any Thai tax resident with foreign-sourced income will be taxed in Thailand when such income is remitted into the country, regardless of when you remit it.

2024 is set to be a year of mass disruption as long-standing business models are tested by the rapid pace of technological advancement, causing economic upheaval around the world. In the last great technological leap, we saw traditional businesses such as Blockbuster, Tower Records and Kodak disappear as Netflix, Spotify and Instagram came from nowhere to dominate.

Though technological progress is advancing at an ever-increasing pace, global economic markets remain on shaky ground. The World Bank forecasts just 2.4% global economic growth year on year in 2024. Here in Thailand, the SET experienced a notable decline throughout 2023, falling by 15.86% over the year.

A silent storm is brewing in Thailand. The nation is standing on the precipice of a demographic transformation that poses unprecedented challenges. The birth rate is plummeting at an alarming rate, while projections paint a grim picture of a population dwindling by 50% within decades.

2024 is set to be a year of mass disruption as long-standing business models are tested by the rapid pace of technological advancement, causing economic upheaval around the world. In the last great technological leap, we saw traditional businesses such as Blockbuster, Tower Records and Kodak disappear as Netflix, Spotify and Instagram came from nowhere to dominate.