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Thailand’s Infrastructure Market Update and Outlook

Capital Projects & Infrastructure, PwC Thailand

Infrastructure development is a critical success factor that stimulates and supports economic growth. In recognition of this, the Thai government has significantly invested in expanding and improving its infrastructure networks over the past decades through public investment and Public-Private Partnerships (PPP). In the last decade, the government invested close to THB 4,000 billion in infrastructure.1 According to the World Bank’s Private Participation in Infrastructure (PPI) database, investment in infrastructure projects under PPP arrangements in Thailand amounted to USD 28 billion over the past two decades.

However, based on recent indicators and a report published by the IMD World Competitiveness Center, Thailand still faces an infrastructure gap and there is room to upgrade its infrastructure quality. The Global Infrastructure Hub estimates there will be an infrastructure spending gap of up to USD 100 billion by 2040, if the current trend of infrastructure investment is not accelerated.

Recent infrastructure developments have helped drive the government’s Eastern Economic Corridor (EEC) Initiative. However, in addition to the cluster of EEC projects, there are a large number of projects in the pipeline at both the national and regional levels. The government’s long-term policy on infrastructure development gives several opportunities for private investors to participate in these upcoming projects. While the COVID-19 pandemic will have a sustained impact on the market and may cause some delays or re-prioritization of projects in the short-term, the overall infrastructure outlook remains positive.

1Gross fixed capital formation by public sector during 2010-2019. Data from the Office of the National Economic and Social Development Council.

 

This report provides an update and outlook on the main infrastructure development activities in Thailand.

Section 1:

Market Update and Infrastructure Pipeline
summarizes the status of infrastructure development in Thailand and upcoming pipeline projects.

Section 2:

Emerging Themes and Latest Market Developments
provides perspectives on the emerging trends for infrastructure procurement processes in Thailand.

Section 3:

Market Outlook
provides our perspectives on future infrastructure market activity and how infrastructure development may continue to be impacted by the COVID-19 pandemic.

Note: This report focuses primarily on the transport and power sector. Other infrastructure sectors such as digital infrastructure (data centers), telecommunications, urban sanitation (water, waste, wastewater) and social infrastructure (healthcare, education, housing) are not covered in detail within this report.

 

Contact us

Gary Murphy

Partner, PwC Thailand

Tel: +66 (0) 2844 1000

Nath Asadithsakun

Director, PwC Thailand

Tel: +66 2 844 1000 Ext. 2151

Pajnapa Peamsilpakulchorn

Senior Manager, PwC Thailand

Tel: +66 (0) 91 479 6659

Andrew Phin

Senior Manager, PwC Thailand

Tel: +66 (0) 63 226 9049

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