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Banking and insurance
The Banking & Insurance sector – often referred to as the lifeblood of the real economy – is of vital importance in the modern credit-driven economic growth model. Among its functions are intermediation between savers and borrowers, ensuring funds are allocated efficiently; support of payment and settlement systems that facilitate trade and international economic relations; and provision of various products that mitigate risk and uncertainty. The accelerating pace of technological change, stricter regulation and shifting consumer habits are reshaping the traditional banking model and pushing the sector towards innovation-led growth.
Activities associated with Banking & Insurance are depositary and non-depositary credit intermediation and related activities, investment banking, securities brokerage, commodity contracts dealing and diverse financial investment activities. The sector also includes insurers, re-insurers and insurance brokerages, pension funds, health and welfare funds, monetary authorities, stock exchanges, and collection and credit agencies.
As the government strives to make Thailand a logistics and transportation center, the sector's development and technological advancement are crucial for economic growth. The government has invested in various modes of transportation, concentrating ...
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Thailand's oil and gas sector benefits from the country's robust economic fundamentals, as energy is essential to maintaining the country's development momentum. As consumption is anticipated to increase, the depletion of Thailand's oil and gas ...
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Infrastructure development has been designated by the Thai government as a crucial activity to underpin economic growth. Thailand is constructing substantial public transport infrastructure within the Bangkok Metropolitan Region to ameliorate ...
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Thailand's pharmaceuticals and healthcare sector has developed considerably over the past few decades. The Thai government began offering universal healthcare to all Thai citizens in 2002, a successful initiative that extends public healthcare ...
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The COVID-19 pandemic had a negative impact on the Thai economy, reducing consumer expenditure and purchasing power. This had ripple effects on the ICT industry. In 2021, the mobile telecom subscriber base has regained momentum following a decline in ...
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In 2021, the crop, cattle, hunting, forestry and fisheries sector of Thailand accounted for 8.53% of the country's gross domestic product (GDP). In 2022, the sector accounted for 30.1% of the total employment in Thailand. Thailand is a prominent ...
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Thailand's financial services industry, which includes insurance activities, accounted for 8.28% of the nation's GDP in 2022, marginally lower than its share of 8.32% in 2021. The sector employed 514,320 people in 2022 (3.4% more than the previous ...
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At the United Nations Climate Change Conference (COP26) in November 2021, Thailand announced its goal to achieve carbon neutrality by 2050. The Power Development Plan 2018, Revision 1 (PDP2018, Revision 1), which was updated in October 2020, outlined ...
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