How to Avoid Online Scams in Thailand

Thailand is a popular destination for tourists, expats, and digital nomads. However, it is also a hotspot for online scams that target foreigners and locals alike.

The current financial landscape is becoming increasingly perilous, with fraudulent individuals luring unsuspecting victims into various investment schemes – especially the trading of digital currencies through applications or websites and investments in cryptocurrencies.

Damages have been calculated in the billions of Thai baht. The Royal Thai Police has also emphasized the importance of being more cautious, advising members of the public to “not believe, not hurry, and not transfer money.”

Online scams in Thailand can take many forms

Online scams in Thailand can take many forms, such as:

Fake rental listings that ask for deposits or fees before showing the propertyPhishing emails or calls that pretend to be from banks, government agencies, or other trusted entitiesRomance scams that …
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  • 07/13/2023
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Thai drought could shave off 0.2% of GDP

Thailand is getting ready for a possible drought that could last for years and have an impact on global supplies of sugar and rice.

Key TakeawaysThailand is at risk of a prolonged drought that could significantly impact global supplies of sugar and rice.Rainfall in the country is expected to be 10% below average this monsoon season, with the possibility of further decreases due to the El Niño weather pattern in the coming years.The government is urging farmers to conserve water and avoid planting a second rice crop to mitigate the potential impact on inflation and economic recovery.The El Niño phenomenon is responsible for disrupting weather patterns and causing drier conditions in various parts of the world, including Thailand.

Thailand is expecting below-average rainfall this monsoon season and the onset of the El Niño weather pattern could worsen the situation over the next two years.

The country is facing widespread drought conditions starting in early…

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  • 07/07/2023
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Thai Economy to Accelerate in 2023 on the back of tourists return

Thailand’s economy is expected to grow by 3.9% in 2023 due to strong demand from China, Europe, and the United States, as well as a recovery in tourism, according to a World Bank report.

However, exports have contracted for the eighth consecutive month due to global demand slowing.

Key Takeaways Thailand’s economy is projected to accelerate in the coming years due to strong demand from China, Europe, and the United States, as well as recovery in tourism and private consumption growth. Risks to Thailand’s economic growth include weaker global growth, political uncertainty, an aging population, climate pressures, declining export competitiveness, and high household debt. Thailand needs to prioritize climate change adaptation and water management to better cope with the frequent floods and droughts it faces, which pose significant risks to lives, livelihoods, and the economy. Tourism sector expected to continue to strengthen

The tourism sector is expected to c…

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  • 07/02/2023
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Chinese EV makers eye Thailand as regional hub unfazed by political uncertainties

Chinese companies are increasing their investments in Thailand, particularly in the electric vehicle (EV) industry. Despite political uncertainties, Chinese electric car manufacturers are drawn to Thailand due to its status as a production and distribution hub. This was highlighted at the 16th World Chinese Entrepreneur Convention (WCEC), where the chairman of the Thai-Chinese Chamber of Commerce stated that major Chinese EV players are targeting Thailand for investment. China's Hozon New Energy Automobile Co, for example, aims to sell 15,000 EVs in Thailand by 2023. The Thai government has also expressed its support for the EV industry, with a goal to have EV production account for 30% of total auto manufacturing by 2030. Chinese companies are attracted to Thailand's stable and friendly business environment, coupled with various investment incentives for EV investors. Source
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  • 06/26/2023
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Thailand improves to 30th place in the World Competitiveness Ranking

Thailand has improved by three places to 30th in the World Competitiveness Ranking released by the International Institute for Management Development (IMD). The country improved in the four main indicators used to compile the rankings, though infrastructure remained its weak link.

Key Takeaways Thailand has improved to 30th place globally in the World Competitiveness Ranking, with infrastructure remaining its weakest link. Denmark, Ireland, and Switzerland were named the top three among the 64 economies measured in the survey, with Europe excelling in the ranking. Economies that were late to open up after the Covid-19 pandemic, including Thailand, Indonesia, and Malaysia, are starting to see improvements in their competitiveness.

Denmark, Ireland and Switzerland have been named the top three among 64 economies measured for their global competitiveness in the 2023 IMD World Competitiveness Ranking, published today by the World Competitiveness Center for the 35th con…

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  • 06/21/2023
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