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Thailand is a Southeast Asian country comprises of 76 provinces, and the population of the country is more than 68 million people. Bangkok is the capital of the country. India, Indonesia, Malaysia, Myanmar, Cambodia, and Vietnam are her neighboring countries.
The government system of the country is comprised of parliamentary democracy and constitutional monarchy. Siam used to be the old name of the Kingdom of Thailand. Buddhism is the majority religion, whereas Thai is the official language of the country.
Now, it’s time to study SWOT analysis of Thailand, where we will discuss multiple things in proper order, here it follows;
Strengths of Thailand
Strengths are the pros and the key points in which a country is proliferating, some of them are as follows.
Rich Tourism Industry
Crystal clear and transparent water beaches, mountains, and beautiful countryside of Thailand have caught the attention of tourists across the world. Not only have that, but the country also offers a unique experience to its tourists like luxury hotels and pink lakes to enjoy. The amazing architect of Buddhists temples and Buddha’s statues are some of the amazing sights for yogis, thinkers, and spiritual people.
Best Economic Philosophy
Thailand follows the economic philosophy by the name ‘sufficient economy’ by King Bhumibol. The idea of this philosophy is to focus on acknowledging the potential risks, moderating the system, being flexible towards the changing environment, and managing the overall desires and expectations.
The purpose of this philosophy is to benefit poor villagers and lower-middle-class people. Ordinary people should have access to a better quality of life. Changing the economic environment shouldn’t get in the way of jeopardizing it.
Farming and Agriculture
Agriculture and farming is a very famous and common type of source of living in the country. According to an estimate, one half of the country’s population is employed with this profession. It makes Thailand the biggest exporter of food and edible products in the Asian market. The reason for her success is because of many factors like technological advancement in this field, adopting the mindset of research and development, and her hard-working people. Some of the famous Thai exports are rubber, sugar, rice, and canned pineapple.
Thai’s agrarian and farming industry has made a lot of progress for the past few years. It is because of adopting new technological methods of procession plants and storage. Consequently, the demand for Thai crops has risen to a great extent in the international market.
The reason for all of these rewards and benefits that became possible for Thai farmers; it is because of their dedication and investment of time and resource in technology, research, and development.
Growing and Saving the Land
You can’t become a top agrarian country in the Asian market if you don’t have sufficient land to grow and cultivate crops and fields. When you chop off trees to build roads and buildings, then it poses a great threat to the extinction of wildlife. However, the Thai government is taking very serious steps not endangers water, soil and keeping the land safe, rather she is working to develop eco-friendly sources of energy.
Weaknesses of Thailand
Weaknesses are the cons and flaws that the country must avoid to succeed. Some of them are as follows;
Vulnerable to Cyber Security
Even though Thai people are tech-smart, and they have great information about cybersecurity issues. According to an estimate, approximately 85% of the people have more or less cybersecurity knowledge. They also know how they can protect themselves.
Information and technology is a growing industry in Thailand. People should know the contingency plans that how they should manage the risk, in case if their system is an attack or compromised.
Cybersecurity attacks have been on the rise for the past few years, and hackers are getting more and smarter. Therefore, Thai people should use their knowledge to protect themselves against viruses and cyber-related issues.
High Pollution and Heavy Smog
Smog is the combination of fog and smock. However, smog clouds are always there in the capital, Bangkok. Even though the Thai government has taken a lot of steps to clean the atmosphere, but smog and pollution doesn’t seem to be going anywhere.
Thai people are getting accustomed to smog clouds and polluted atmosphere, but it’s a big issue for tourists and outsiders who are new. In some extreme cases, even wearing masks don’t protect you from the smog that can penetrate through the fabric of the mask.
Also Read: SWOT Analysis Weaknesses Explained with Examples
Opportunities for Thailand
Opportunities are some of the prospects that the government of a country must take some advantage of, some of those prospects are as follows.
Unequal Wealth Gap
There’s has been a great wealth distribution gap between the upper class and lower class. Although it’s a serious issue; but it’s an opportunity for the government to fill this gap by taking some necessary steps. However, the government is establishing some ground rules for the businesses to make some progress like economic reforms, and adjustment in the bills.
Lower Taxation for Businesses
Private businesses are the backbone of an economy. They not only create job opportunities, but they also become a source of income for a country in the form of taxes. However, when taxes are high, then people won’t be able to pay it. Most importantly, it would stop entrepreneurs to take startups. The government can’t always rely on the wealthy people for taxes, everyone should contribute.
If the Thai government lowers the tax rate on personal income, then it would encourage young entrepreneurs to take business initiatives. They would also happily pay their taxes; consequently, the government would start receiving taxes from a lot of people.
Providing Investment opportunities
The Thai economy has been progressing well if the government starts a campaign of attracting foreign investors by giving them favorable opportunities. Telecommunication, electricity, and renewable energy are some of the fields; where there’s a great scope for investors to jump in and become a sole provider in the country.
Automation, agriculture, robotics, and tourism are over-crowded fields with a lot of competition, where new investors shouldn’t invest his money.
Threats of Thailand
Threats are the danger points that a country must avoid, some of them are as follows;
The way pollution is spreading, it’s not only injurious to the health of her citizens. But it would also damage the crops that are the livelihood of the majority of farmers. Tourists would also stop visiting a country which isn’t clean and healthy. In short, environmental pollution would impact badly the whole economy of Thailand.
Technological advancements are making the hackers smarter. Businesses and individuals need to be more cautious about their online data; personal and professional can be hacked anytime and it can be used against them. Therefore, people have to be tech and cyber-savvy to protect themselves.
Concluding SWOT Analysis of Thailand
Thailand is a land of agriculture, beautiful beaches, and landscape, with unlimited possibilities and wonders. Her interest in the technology, research and development is praiseworthy. Challenges like smog and cybersecurity issues can put the economy of the country on the back wheel. Therefore, Thai people and the government must work together towards cleaning up the environment and building up their country’s economy.