Bangkok Economy

Bangkok is the commercial center of Thailand and Southeast Asia. The Bangkok port makes trade by train, air, or boat accessible, making Bangkok a hub for international trade in Thailand and other neighboring countries. For a while, agriculture was the primary source of income generated in Bangkok, but this has shifted to the manufacture of textiles, computers, and electronics.

What are the major drivers of the Bangkok economy?

Exports

Exports are a vital driver of Thailand’s economy. According to Reuters, there is an expected 8% growth in the coming months. The supply chain problems which came due to Covid 19 restrictions are holding back exports from returning to their full potential. Thailand’s economy is still in recovery, with Bangkok at the forefront. As such, investors should expect an export improvement to push the Bangkok economy into pre-pandemic status.

Tourist attraction

With increasing numbers of tourists entering Thailand, Bangkok is increasingly becoming a favorite among international tourists and foreign investors. More than 7.3 million tourists entered Thailand from January 2022 to October 2022, and up to 12 million tourists from China are forecast to enter the country in 2023. The urban developments in close proximity to some of the world’s most beautiful beaches continue to attract foreigners for permanent residence, retirement, and business investment.

Employment

As Thailand’s commercial center, the working population in Bangkok increased to over 39,000 in the second quarter of 2022. This can be attributed to the migration from working from home to working in offices located in Bangkok. As a result of the increase in population, there is an increase in demand for affordable housing in Bangkok.

Schools

The Thailand government values education, with 12 years of free government education and high-quality education standards. Thai nationals attend mandatory schooling for nine years, and the government spends a significant amount of the entire country’s GDP to increase literacy among Thai nationals. In 2021, the Thai government contributed about 332.39 billion Thai Baht to the education sector.

Foreign students can enjoy the privilege of studying in internationally respected private schools and move on to become influential members contributing to society. Hong Kong nationals with a student visa can study a minimum of three courses in Thailand. While public schools only enroll Thai nationals, private schools are accommodative of foreign students.

Bangkok has numerous schools with good to excellent performance. As such, families with school-going students reside in Bangkok for long periods. This significantly boosts the Bangkok economy and adds value to family-centric properties in Bangkok.

Bangkok is a real estate hotspot for foreign investors. As the economy is recovering, investors can tap into available investment opportunities to secure profits in the future. The Thai government is welcoming foreign investors, and Hong Kong citizens can now take advantage of the opportunities.