Globalization In Thailand: The Economy Of Thailand's Economy

The economy of Thailand solely dependence on the growths of SMEs that include manufacturing, retai, and tourism. In this present day and as well the effect of globalization had encouraged investors to flood the Thailand’s market, thus, causing intense competition among various producers, suppliers of goods and services (Srikanjanarak, Omar & Ramayah, 2007; Wongsuchat & Ngamyan, 2014). Evidence from the statistics given by Wongsuchat and Ngamyan (2014), Thailand is one of the world most leisure destination with consistency tourist arrival rate of 7.8% over the last five years. Similarly, a report by Fernquest (2016) argued that tourism in the country acclaimed for 10% of the country’s GDP.

The influx of foreign of foreign investors as argued by Pietrobelli and Saliola (2007) is regarded as an international trade that contributes to economic growth. From the report posted on Worldbank webpage (2016), the economic boom in Thailand over the last thirty (30) years and its continuous sustainability causes poverty rate decrease from 67% to 11% meaning that more jobs were being created. Moreover, the economic boom in Thailand is because of weak importation and strong production and exportation of produced materials to other countries resulting from the effectiveness of SMEs operation (Asian Development Bank “ADB”, 2016;

Thus, the issue there now is not just about selling a mere product but selling value that is worth buying. Conferring the view of some marketing scholars; a study by Yang, Wu and Wang (2010) thus, argued relationship value has a direct link to purchase intention among two out of the three countries surveyed. In another sense, the findings prove the influence of culture on relation value creation (Samaha et al.,