How ASEAN Might Affect Pattaya’s Economy
During the last few weeks Brexit has been hitting the headlines for many reasons and most of them not good. Most expats living in Thailand are concerned as the UK economy goes through a period of uncertainty it will directly affect the value of the pound, and therefore UK pensions and transferring Sterling to Thai Baht will be adversely affected.
If this is true of the relationship breakup between Europe and Britain how will the ASEAN union benefit or harm Thailand. Local property companies selling condo’s or renting houses all have their own theories how such a union may affect the currently depressed real estate market.
ASEAN and Globalisation
The ASEAN Economic Community (AEC) is a way that southeast Asia is preparing to join in on the world Globalisation bandwagon. Economists all seem to have the opposite idea of Britain, and that the bigger the club you are in the richer you will be.
Kriengsak Chareonwongsak who is a senior Fellow at Harvard University has written a paper on the effects ASEAN and Globalisation will have on Thai tourism and economy.
An Increasing Number of Tourists
Globalisation will lead to tourism, and the AEC will reduce it’s tourist movement limitations. Examples of AEC reductions are seen in the granting of visas, where one visa is granted for entry to all ASEAN countries.
It is expected that more than 600 million more people will come to Thailand. As Thailand is the center of the region and bordered by neighbouring countries the most, there is still an opportunity for Thailand to welcome more tourists from outside the ASEAN region.
More Connectivity of Tourism in the Region
Tourism in the ASEAN region has tended to become more connected, especially since the AEC’s regional tourist promotion has improved communication infrastructure connecting every country in ASEAN, and also with the reduction of limits to tourists.
Thailand’s tourism business will network with foreign businesses and bring extra revenue to the country.
Personal Tourism Also on the Increase
The development of trans-national transportation routes with convenient border crossings will lead to more international public transportation services. This will increase the opportunity for personal travel, and also for trans-national travel by car and railway, as similarly experienced by people in countries in which tourism by group tour is not popular.
Developing Routes and New Sightseeing Attractions
The development of the three-way Pan-Asia railway, which is a railway system between China and Myanmar, Laos, Vietnam and Cambodia. This railway will link with the network in Thailand and connect with Malaysia and Singapore.
In other words, with an area that will develop the economy, known as the Economic Corridor Project. The East-West Economic Corridor, North-South Economic Corridor and the Southern Economic Corridor are areas that will be developed to be new sightseeing attractions, especially on a frontier that has the strong potential to be a new transformation sightseeing attraction.
If Kriengsak Chareonwongsak’s economic projections on the formation of ASEAN and the ensuing Globalisation, then Thailand is in for some very good times in the near future.