MotoGP of Thailand

Buriram - Buriram International Circuit

02.10.2022

MotoGP of Thailand

02.10.2022 | Buriram - Buriram International Circuit



Business

Statistics:

USA, Japan, China (PR), Hong Kong and Malaysia.



Economy:

The Thai economy expanded very rapidly during the 1980s and early 1990s, with the average annual GDP growth between 1990 and 1996 being 8.5%. However, things slowed dramatically in the summer of 1997 when the Asian currency crisis struck, causing the economy to drop by 11%. After a strong initial recovery, the Thai economy suffered again in 2001/2 following 9/11, and in 2003 suffered because of the reaction to SARS, the war in Iraq and fears of terrorism.

Things took an upward turn in 2004 due to domestic demand and strong exports, giving the economy resilience to the outbreak of avian influenza and soaring oil prices. However, following the tsunami in December 2004, sharp rises in world oil prices and domestic political turmoil following the military coup in September 2006, growth was affected. In 2007 the inflation rate was 2.2% with unemployment down to 1.4%. Inflation rates had a sharp rise in 2008 before falling even more dramatically in 2009. Rates then stabilised between 2.8% and 4.2% with the actual figure of 4.08% in July 2011. In 2012, the economy grew by 6.5% and inflation was 3%. After the military coup in 2014, the economy flagged, but an ambitious plan of economic initiatives launched in 2016 aims to make the country a high-income nation in five years. The inflation rate has steadily risen since 2016. Unemployment rates have remained consistent since 2001 at around 1%.



Business Etiquette:

Most people in senior management speak English apart from in very small companies, or those situated outside the industrial belt of Bangkok, where English is not widely spoken. Most businesses of substantial size prefer visitors to make appointments. Punctuality is advisable (although the visitor is quite often likely to be kept waiting after arrival). In Bangkok, traffic must be taken into consideration when going to appointments.

Deference is always shown to the most senior person in any business situation. The normal business greeting is the wai (a slight bow with hands together in a prayer-like position) or a handshake, but it is conventional to greet those of the opposite sex with a smile or nod. Business cards should be exchanged with the right hand at the end of any meeting. Be sure to pass objects with your right hand and never over a person’s head as the head is considered sacred.

Thai hosts are quite likely to give small gifts to visitors, so it is a good idea to reciprocate with a typical national gift of one's own. Visitors should never get angry or raise their voice if things are not going according to plan, as this will mean a loss of face on both sides. Much more progress will be made by remaining calm.

Meetings often take place over lunch and these are generally held in a Thai restaurant. Thai businesspeople are quite formal in their dress but, because of the extreme heat, it is quite acceptable and practical to dispense with the wearing of a suit jacket.

Office hours are usually Monday to Friday 0830-1630.



Business Contacts: Address: 2146,150 Rajbopit Road,Bangkok,10200

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