Thailand Country Profile

Snapshot of the Thailand Country Profile


Aside from having experienced a considerable downturn in connection to the Asian financial crisis, Thailand has displayed high economic growth rates (6-8%) since the 1960s. However, Thailand's investment climate continues to suffer from several obstacles. Companies consider corruption to be a large barrier to doing business in Thailand, along with government and policy instability and inefficient government bureaucracy.

Positive developments in relation to corruption and investment:

  • Thailand is generally considered to be a business-friendly economy and has for several years been able to offer favourable investment incentives to foreign companies (e.g. tax exemptions, especially if the investment includes new technology or is located in a less developed area) and good investment protection compared to many other countries in the region.
  • Thailand has the legal framework to effectively counter corruption.
  • Conducting business in Thailand is in some respects relatively easy. For example, it takes an average of 8 procedures and 33 days at a cost of 5% of GNI per capita to start a company in Thailand, which is significantly lower than the regional average.
  • The new Constitution of 2007 contains provisions about access to public information. The access to information is normally provided to citizens and the right is enjoyed without other restrictions than those related to national security and public safety.

Risks of corruption:

  • Corruption is reportedly a significant problem in Thailand, both within the private and public sectors, but it is mainly found in the intersection between business and government where demands for facilitation payments are widespread. 
  • Bribery is particularly concentrated in a few governmental sectors in charge of large financial transactions: the Land Department, Tax and Customs Department, the Transport Department, and the Police Department.
  • Companies should note that Thailand does not recognise decisions by foreign courts.


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