7 Apr 2023 Thai Economy Thailand’s looming super-aged society presents a formidable challenge for business sector and new government (Current Issue No.3398 Full Ed.) คะแนนเฉลี่ย คะแนนเฉลี่ย 5 stars 4 stars 3 stars 2 stars 1 star KResearch expects that Thailand will become a super-aged society by 2029, which is faster than previously estimated. The country’s population began to decline in 2020 through to 2022 for three consecutive years as the birth and fertility rates trended lower, including the fact that about one million baby boomers, who were born between 1963 and 1983, are turning 60 in 2023. At the same time, a restructuring drive to bolster the population is not easy as most millennials are choosing to be child-free amid the highly uncertain socioeconomic situation, which is caused by income insecurity and lingering concern towards new outbreaks, natural disasters, global geopolitical conflicts. Aside from certain opportunities, the changing demographic structure presents a number of challenges for the business sector, as well: 1) business income will likely be affected if the number of customers continue to decline, and their spending is almost at the same amount as before. To maintain sales, businesses must induce customers to spend more; 2) Product and service formats have to be altered in alignment with the growing number of senior citizens. To maintain sales growth, businesses must focus on product/service differentiation and price discrimination while also expanding their customer base abroad; and 3) rising business costs in line with a shortage of workers may prompt businesses to improve skills of their workers and use more advanced technologies. KResearch is of the view that businesses may have to quickly adjust to changes in Thailand's demographic structure along with the related challenges. These include economic uncertainty and looming sustainability issues, which require actions from the new government given that they may affect the country’s economic outlook, competitiveness and welfare plans in the future. View full article Login / Register Or Enter the code from the poll Annotation This research paper is published for general public. It is made up of various sources. Trustworthy, but the company can not authenticate. reliability The information may be changed at any time without prior notice. Data users need to be careful about the use of information. The Company will not be liable to any user or person for any damages arising from such use. The information in this report does not constitute an offer. Or advice on business decisions Anyhow. Thai Economy Sustainabilityผู้สูงอายุSuper-Aged Society Related Analysis View all 12 Mar 2018 Thai Economy Households are Cautious about Spending in 1Q18 According to a survey on household economic conditions for February, views of Thai households across the country toward economic conditions and the cost of living over the next three months remained unchanged. This is reflected in the 3-month Expected KR-ECI that was static at 47.1 in February. Households still had positive views toward income and employment, given the daily minimum wage rise slated for April 2018, while prices of some key agricultural produce, namely “Hom Mali” rice and cassava, have begun to increase. However, households were concerned about growing debt.... Read more 0 KB 0 KB 19 Feb 2018 Thai Economy Thai economy continues to grow in 2018 Growth of 4.0% is expected (Business Brief No.3727) The Thai economy in 4Q17 was buoyed by high growth in exports and tourism, while household consumption started to improve compared to... Read more 0 KB 0 KB 9 Feb 2018 Thai Economy Official launch of EEC: Key to Thailand’s Economic Development (Current Issue No. 2899 Full Ed.) The National Legislative Assembly (NLA) has approved the Eastern Economic Corridor (EEC) bill which is expected to boost investor confidence in large-scale, long-term investments by providing private investors additional incentives, namely non-tax privileges and a speedier process for licensing, in addition to the government's efforts to promote EEC investment through infrastructure projects and tax incentives. ... Read more 0 KB 0 KB 22 Jan 2018 Thai Economy Thai Household Debt May Fall to 77-78% of GDP in 2018 (Current Issue No. 2896) In 3Q17, Thailand's household debt fell from 78.4 percent of GDP – as recorded in 2Q17 – to 78.3 percent of GDP, which could be the res... Read more 0 KB 0 KB 18 Jan 2018 Thai Economy Economy Likely Unfazed by THB5-22 Daily Minimum Wage Hikes Nationwide (Business Brief No.3722 Full Ed.) The National Wage Committee recently agreed to raise the daily minimum wage to THB315.97, on average, or a range of THB308-330 across the... Read more 0 KB 0 KB 12 Jan 2018 Thai Economy Household sentiment toward economy continues to improve for 3 straight months, sending positive signal for private consumption in 1Q18 ... Read more 0 KB 0 KB View all