Thai Currency


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Hobz
To anyone that knows a bit about economics, what is the main cause of the Thai currency becoming strong, this is mainly in relation to the British pound. It looks like if you look at the trend over the past year that the pound is nose diving again against the baht.

Is this purely down to economic development in Asia or are other factors at play?. If it ever drops to below 40baht/pound, then I'm thinking Thailand will no longer be a cheap place to live if you're living on the British pound.

sanchoy
Thailand used to be cheap years ago. Like you pointed to, economic development has scaled to peak proportions due to high end business personnel retiring there. Every Joe and Jane has Retired there and came up with old ideas to get the leg up on the next old retiree. The infrastructures and institutions continues to develope. Soon Thailand will be labeled as a 1st world country.

This will result in a higher baht to exchange ratio. I still can see this ascension continuing with no decline. Just look at gym prices, most places had sky rocketed! Even the merchandise you purchase are rising closer to home rates.

Blake
that's the case I will go Cambodia or Myanmar

sanchoy
I would also like to add that there has been an influx of Chinese millionaire business man who ventured into Thailand to take advantage of the free market. In China business is owned by mainly the communist government, and you can't reap the profits unless the scrum commy government gets its larger share. In Thailand you just pay the upfront base Tax , then it's a free for all market. Taxes in Thailand is very lenient, thus the millionaire Chinese Ex- government retiree will take full advantage of.

China is also buying out massive land in Laos and Cambodia, they are already thinking ahead. My uncle lives in northern Thailand and said the golden triangle region in north Thailand, is being overrun with big pocket Chinese hustlers. Our days of mystic peaceful Thailand, land of smiles, easy easy will come to an end before our lifetime is over. Just my 3 cents.

Rambutan
How can those business men get around the legal blockages for foreign land and business ownership?

sanchoy
Very easy. Thais are known to accept foreign bribery. As a matter of fact most successful Thais in Bangkok have orgins and ancestry. Not full blooded Thai. Over the years they adopt and assimilate into Thai culture and government taking on Thai names.

Perfect example is kingpin millionaire phillip wong, grand owner of the famous Fairtex gym and product line. He is a Chinese businessman who became successful with a clothing line and the Muaythai Thai scene. He goes by the Thai name of Khun Bunjong Busarakamwongse , also is a well known entrepreneur and promoter for muay Thai scene.

It's easy for other Asians to adopt Thai names. Much harder for white or other different color people to reap this advantage

Hobz
That's interesting Sanchoy.

Yeah it's crazy that Thailand is planning to spend 800 million baht on a high speed railway and yet is still considered a 3rd world country.

When the recession first hit back in 2008 I thought it would plateau for a bit and then return to something similar to pre 2008, but I can see it falling down to 40baht/pound and then stabilizing around there the way things are going atm.

Is Cambodia really the next Thailand?

sanchoy
Yes, the next thing would be Laos and Cambodia. Burma is too unstable due to the constant violence, this will be consistent for a decade or two. But Laos and Cambodia is the place to go in the next 10 years. Thais are saying that the Muaythai interest is not like it used to be 15+ years ago. I can see kids looking at other means of earning a living once Thailand developes more, resulting in less talent, and decline in muay Thai.

Similar to boxing in the states, it used to be big time. Now a days boxing seldomly gains interest unless a blockbuster fight happens, at that rarely happens. Kids rather play other sports for more money.

Vlad
Cambodia and Pilipines are New Thailand

The currency stuff is a whole subject on it's own
Has to do with the US$ how much the Fed is printing, how much oil gold energy foods are "created" expected to be created and sold
AND how the Vatikan is instructing its banks around the world

On the national level, couldn't agree more with sanchoy

Rambutan
imo opinion Thailand still has to much corruption and political unrest for it to become a first world country

Rambutan
most successful Thais in Bangkok have origins and ancestry. Not full blooded Thai

this is a well-known fact but that still doesn't change much for newcomers.

bribery doesn't change law, those businessmen may lose their business after a few years when the government decides it belongs to them

Rambutan
www.thaivisa.com/forum/topic/7... ...nue-to-be-so-strong/

no real answer neither

TomS
IMO - The King's gonna die soon and they're inflating their economic strength before the inevitable crash happens with his death.

Wait for that event and the inevitable fallout and then convert your local currency into Thai baht and pick up some investments. Should be easy gains to be made.

minr
It was 52 in November now it is 48 that's a huge nosedive take off another 2 baht when u get to Thai land and another 10 baht from the airports and boyyyy

muaythaifocus
The dollar is stable though at around 31-32 baht, the pound is tied to the dollar so the state it is to the baht is more down to how it is performing to the dollar, more than a reflection of a strong Thai economy. If the pound rises against the dollar then it should do the same with the baht

Rambutan
yeah and the Euro is down, makes me want to cry!

Hobz
Fuk me, the pound has dropped from 1.7/$ to 1.4/$ in the past 6months, that is nuts ;(

Still better than the shite Euro tho ;) Who ever came up with the idea for the Euro should be shot!

TomS
Aussie dollar is getting bent over against everything. Least I've got NZ, Aussie and Thai bank accounts to help share the load.

How does Thailand's economy get strong or weak? I know with Aussie the rapid and sudden drop in oil price and iron ore price, coupled with decreased Chinese demand has really screwed them.

I've got no idea how Thailand makes a buck though, aside from the obvious revenue stream of tourism which you think would still be a bit lower than usual with no stable government.

muaythaifocus
Think agriculture and factories are bigger earners, a lot of Japanese and other countries have stuff manufactured here.

Rambutan
The industrial and service sectors are the main sectors in the Thai gross domestic product, with the former accounting for 39.2% of GDP. Thailand's agricultural sector produces 8.4% of GDP – lower than the trade and logistics and communication sectors, which account for 13.4% and 9.8% of GDP respectively. The construction and mining sector adds 4.3% to the country’s gross domestic product. Other service sectors (including the financial, education and hotel and restaurant sectors) account for 24.9% of the country's GDP.

en.wikipedia.org/wiki/Economy_of_Thailand

Hawkman
thailand used to be worlds biggest rice exporter but slipped down , whether due to stockpiling for domestic reserves or people diversifying away from agriculture and going to the cities

tin. copper, rubber, oil refining, fruit and industrial assembly all big earners.

i think people underestimate the amount earned by Tourism however. There is so much indirect spending which doesnt fall under the flights/hotel bracket.

your average tourist to Thailand spends 2 weeks there and aside from his hotel and taxes he will spend at least 1000 usd on eating out, banging bitches, monkey show, ping pong show, taxis, tuktuk,"same same" t shirts.

How much money earned by Thai land in this respect can only be quantified in official statistics by tax income and I'm guessing thats fuck all if they can get away with it. you can do the maths but its about 30 billion usd on top ,as a conservative figure and thats still about 6 times the value of the rice exports!!!!

Hawkman
travelinasia.hubpages.com/hub/thailand-racism

oh and by the way so much stuff in Tesco in uk now comes from Thailand

Tawhs
"There is a common stereotype that Caucasians are dirty, barbaric and uncivilized, and this a a belief shared by many Thais."

Haha, the same way I view them filthy crackers :D It's 2015, and racism and oppression continue to prosper.

Hobz
That doesn't make any sense, Westerners developed civilization, otherwise those idiots would still be living in mud huts eating nuts!!!

Hawkman
i have become a racist and its not through ignorance of other cultures, its exposure to them.

Rambutan
www.bloomberg.com/news/article... ...-in-thailand-for-now

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