With a population of 72 million, or a quarter of Indonesia’s, Thailand has a GDP per capita of US$7,100 ($9,506), which is almost twice that of Indonesia’s GDP per capita of US$4,000 but still a tenth of Singapore’s.
For some years now, even before I retired from the Singapore Exchange (SGX:S68
) (SGX), local stakeholders have lamented that the equities turnover on the Stock Exchange of Thailand (SET) had overtaken that of Singapore.
In fact, Thailand was the region’s IPO market kingpin until Indonesia overtook it in 2021, fuelled largely by tax incentives for listing companies.
