Grant Thornton International Business Report (IBR) shows that almost all sub-categories for Thailand dropped in Q4 too – selling price expectation (12% to 8%), export expectation (22% to 8%), research & development (34% to 24%) and employment expectation (28% to 12%), but investment in plant & machinery increased (16% to 24%).
The first Thailand hotel industry report by Grant Thornton in Thailand indicates 89% see technology and digital strategies as important, whilst almost 2 of 3 have a digital strategy linked to the overall business plan.
Grant Thornton’s survey of international business leaders in 36 economies found that 33% of respondents globally plan to make an acquisition over the next three years.
Grant Thornton in Thailand is a proud sponsor of the Thailand Triathlon and Cycling Team (TTCT)
Hotels are under pressure. Airbnb and other sharing economy providers are growing in popularity. More and more guests are booking through online travel agents (OTAs) that take substantial commissions. And when guests do arrive, they expect the same immediacy of service and control they get at home and at work through their smartphones.
On International Women’s Day, a global survey by Grant Thornton reveals that the Asia-Pacific (APAC) region continues to make slow progress in getting women into senior roles within companies. Globally, the proportion of senior business roles held by women stands at 24%, up slightly from 22% in 2015.
Grant Thornton and The International Organization for Migration (IOM) signed a significant Memorandum of Understanding (MOU). This MOU focusses on the complementary objectives, experience, strengths and skills of both international organisations with the ultimate aim to assist those with the greatest needs – the migrant labourers in the region.
Business optimism rose slightly in Q4 in Thailand from -8% to 4% in Grant Thornton's quarterly business survey. This was generally reflected across most areas showing increased optimism for areas like revenue, selling prices, exports, profitability, investment in new buildings, investment in plants and machinery, R&D, increased access to finance, and reduction in red tape.
During the last ten years Thailand has had 11 Prime Ministers (including caretakers), 10 Finance Ministers, many deadly street protests, 2 coups, 1 airport shut-down and 1 economically devastating flood. Given this it is almost surprising that Thailand has managed to eke out an annual average growth rate of 3.13% over the last 10 years, albeit the lowest in the region.
Thailand needs to urgently improve the percentage of GDP it derives from the services sector. The manufacturing sector is unlikely to be the powerhouse of GDP growth for Thailand that it has been in the past. There are many challenges in improving the highly protected services industry in Thailand but one bright spot is the hotel and tourism sector.