Thailand ranks second from the top, in terms of financial health, in their often sited emerging market “Vulnerability Index” which tracks 24 emerging market economies.
PHUKET, Thailand – The New Nordic Group, one of the fastest growing construction, hotel and hospitality management company in South East Asia, stated that they believe Asia’s emerging economies, particularly Thailand, are well positioned to prosper despite threats of tariffs and the U.S. Federal Reserve Bank’s policy of ratcheting up interest rates during the next 12-months.
“We’ve looked at the data and it is our belief that Thailand will do well going forward despite threats of tariffs and raising interest rates in the U.S.,” said Kurt Svendheim, CEO of the New Nordic Group which currently has a number of holiday and hospitality construction projects in progress in the South East Asian region.
According to a study by one of the country’s leading banks, Thailand ranks second from the top, in terms of financial health, in their often sited emerging market “Vulnerability Index” which tracks 24 emerging market economies. The index looks at a country’s current balance of payments, foreign reserves, external debt and domestic inflation.
“Both the Thai government and private sector have managed the economy well, and, therefore, will be able to weather economic risks better than their global peers. That’s why we are so bullish on the area, as is evident by our increased investments there,” Svendheim stated further.
Thailand’s economy is growing; government promotes foreign investment
Thailand is one of Asia’s safest and most sought after investment destinations due, in part, to its growing economy. The World Bank said, “Thailand is one of the great development success stories… becoming an upper middle income economy.” This year, the economy is estimated to grow at over 4%, much of this driven by tourism.
“It’s not just the beautiful beaches and lush landscapes that bring us to Thailand; it’s also the economic health of the country. A place’s appearance is not the only thing we look at when we make our decision,” said Svendheim.
New Nordic Group’s current projects/investments in the region
There are a number of new projects currently underway in Thailand by the New Nordic Group. These include a 152-room, 4-star hotel facility in popular Pattaya, and a family vacation development in Phuket Island called New Nordic Water World, to name just two.
One of the most popular tourist destinations is Phuket. New Nordic’s Phuket development, Water World, features family friendly facilities as well as recreational activities for sophisticated adults. The development is 377,000 sq. ft. and will feature studios and one and two bedroom condos for sale. The first phase of the project is currently underway. Investors can now participate in this development at favorable pre-construction rates through the New Nordic Group.
The New Nordic Group typically has ten or more buildings under construction at any one time. A new one is generally completed every month. And with over 1,000 employees worldwide, New Nordic Group is positioned well to service their largest customer-base: Chinese tourists. Thailand is China’s number one tourist destination. In 2016, over 9 million Chinese tourists visited the country, up 36% from the year before.
Tatiana is the news co-ordinator for TravelDailyNews Media Network (traveldailynews.gr, traveldailynews.com and traveldailynews.asia). Her role includes to monitor the hundrends of news sources of TravelDailyNews Media Network and skim the most important according to our strategy. She holds a Bachelor degree in Communication & Mass Media from Panteion University of Political & Social Studies of Athens and she has been editor and editor-in-chief in various economic magazines and newspapers.