LEADING economists and manufacturers have warned that an increase in the minimum daily wage, as pledged by major political parties in the run-up to the general election in March in response to calls from labour groups, will dampen the competitiveness of the Thai economy.

THE EXPLOSIVE growth of tourism industry has been a boon for the Thai economy. Representing about one-fifth of the economy, exports of services have been growing at the compound annual rate of 10.6 per cent since 2012, three times the GDP growth rate in the same period. As a result, tourism has contributed more than 2 per cent to annual GDP growth in four out of the past six years since 2012.