Doing Business in Thailand

Financial Aspects of Doing Business in Thailand

In 1995 Thailand's economy was singled out by the World Bank as the most consistently expansive and healthy economy world-wide in the preceding decade from 1985-1994. The Thai economy's growth rate averaged over eight percent during this decade, and was expected to move into place as the world's eighth largest economy by the year 2020. In 1997, the Thai government decided to float its currency, the baht, against the dollar.

In the early 1990s, the Thai government and its banking systems decided to "peg the baht" the United States dollar, joining the other world currencies linked to the dollar (Shari, Corben, 1997, July 7, 22). In

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lives. While Thai men have traditionally been expected to become Buddhist monks for at least three months of their lives, the practice is no longer strictly enforced, and wealth is now also seen as a reflection of virtue. A sense of humor, laughter and a smiling attitude are highly regarded by Thais. Public displays of anger result in loss of face, and public criticism is taboo. One should never criticize the monarchy, even in private. Gesture taboos abound. They include touching another person's head or passing an object over it; pointing the sole of the foot at another person; stamping your feet or touching a person with your foot; crossing your legs while seated; and placing your arm over the back of a chair in which another person is seated. Shoes are removed on entering a home or Buddhist temple (avoid stepping on the temple doorsill when entering). When seated on the floor, men sit cross-legged, and women tuck their legs to the side. When finished eating, place your eating utensils together on your plate. Punctuality and promptness is essential for doing business in Thailand. (Often, however, the Thai counterpart is late, but the visiting businessperson must be on time.) All preliminary business meetings must be a
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Approximate Word count = 2463
Approximate Pages = 10 (250 words per page)

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