Indian Economic Boom, Not good for Thailand

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Indian Economic Boom, Not good for Thailand

 After U.S. companies moved their branches to India and employed a lot of Indian youth, Indian young workers, who are employed by foreign companies, become big spenders and tend to be in debt. Moreover, West culture influences their norm and behavior too. This phenomenon is called “Indian Economic Boom.” I think If U.S companies or other foreign companies fly to Thailand like India, the results will be the same as India. Therefore, if  an Indian economic boom happens in Thailand, it will not be a good thing for Thai youth, Thai companies, or Thai culture.

 

First, young Thai people will suffer from over-consumption for unnecessary products and live their life luxuriously without saving money.They will become big spenders like Indian youths. Because of high salary and good welfare from foreign companies, they will think they can buy anything that they want and easily loan money from the bank. They will spend money extravagantly for unnecessary things such as expensive food in luxurious restaurants, brand name clothes, high functional telephones, etc. In case they do not have enough money at the time that they need something, they will borrow from friends or banks as well as using credit cards. This habit will make them get into debt and their salary will not supply their demand. Moreover, if they are in debt with a large amount of money, they will try to do everything to gain money even illegal jobs. This will cause other problems.

 

Second, Thai companies will lack skilled workers because most of them will favor working for foreign companies. This is because foreign companies will offer higher salaries and better welfare than Thai companies. Thus, graduates will not hesitate to apply firstly for jobs in foreign companies. So, high quality skilled workers will work for foreign companies instead of Thai companies. In consequence, this will cause brain flaw problems. When graduates’ first destinations are foreign companies, almost all effective workers will be hired by them. Conversely, incompetent workers who foreign organizations do not hire will apply for jobs in Thai companies because they do not have much choice. Therefore, Thai companies will not have good workers because all the sufficient workers will be working for foreign companies. Presently, human resource is very crucial for developing in every organization. If a company has productive skilled workers, the company will progress well because of workers’ brain powers and quality of works. On the other hand, if Thai companies do not have skilled workers, the companies will fail, causing the Thai economy to … also. Finally, Thai companies will solve this problem by employing foreign skilled workers and labors from neighboring countries (both legal and illegal) such as Burma, Laos and Cambodia. This solution will be followed by other problems like human trafficking, discrimination, and crime.

 

Finally, foreign culture will flow into Thailand through foreign products such as technology, food, movies or TV series. When Thai youths have money power for consumption, Thailand will become a market for foreign companies.  Foreign companies will come to invest in Thailand and then promote their products as well as their culture through commercials and TV programs. Thai youths will consume foreign products and imitate foreign culture. This will affect Thai norms. For instance, Thai women will wear sexy clothes and flirt more openly with men. Thai youth will eat hamburgers, pizzas, french fries and spaghetti instead of rice. They use expensive high technology products without thinking about the poor. Moreover, they will receive foreign ideas such as individualism. This idea will decrease the role of the family and respect for elders. However, receiving foreign culture is not wrong, but we have to choose the appropriate things that are practical in our society.

 

Some may think that if the economic boom among Indians happens in Thailand, Thai economy will be stimulated. People will have money to buy more products and Thai society will not have unemployment problems. In addition, Thailand will have a chance to exchange and develop technology and knowledge. However, foreign companies will become opponents for Thai companies or Thai groceries. If foreign supermarkets such as Makro, Lotus or even 7Eleven spread widely in every area of Thailand, Thai shops will disappear because they cannot compete with big investors. Since foreign products and shops are popular among Thais, Thailand will have a balance of trade deficit. Most money will flow out of Thailand, then we will not have sufficient money in our economic system. Finally, Thai economic will be in a crisis.

 

I believe that Thai society will have many problems if an Indian-like middle class boom happens in Thailand. It will cause over-consumption problems, brain flaw problems, cultural and economic problems in Thailand. Therefore, in order to prevent future problems, Thai youth should be taught  to manage their money  and live with “Sufficiency Economy” that is a philosophy bestowed by His Majesty the King. This philosophy leads us to a more flexible and sustainable economy, better able to meet the challenges arising from globalization and other changes. I think this philosophy will be practical these days.