More than one million jobs have been lost in the past decade as a result of the country’s economic crisis, according to the Bangkok Post.
The country has been forced to rely on a handful of companies for the bulk of its export-led growth, with only a handful, such as Samsung, taking part in the sector.
But this could be changing as the country looks to diversify.
Last year, the government started offering foreign exchange as a way to attract investment.
According to the Post, a total of 9.8 billion baht ($1.8 trillion) has been invested in the Thai foreign exchange market, which has now grown by over 4 per cent over the past three years.
But the Post said that the growth has been limited to just 10 per cent of the total market.
“With foreign exchange only accounting for 10 per [percent], the growth of the foreign exchange trading market is currently around 2.5 per cent,” it said.
“That is very low compared to other markets in Asia, such in South Korea, Japan and China.”
The government says it hopes to diversification by selling some of its foreign exchange holdings in other countries.
However, analysts are sceptical of the strategy.
“In the first place, it’s hard to see how the government will be able to diversiate its foreign currency market,” analyst Daniel Tan told The Bangkok Post, adding that it will only increase the risk of inflation.
“There are a number of factors which make the foreign currency exchange market extremely volatile.
For example, there is little interest in the government holding foreign exchange because of the political situation in the country.”
The Thai government has set a target of raising 5 trillion bahts ($1 trillion) in foreign exchange by 2020.
However analysts have warned that the country could miss that target and that it may not be able make significant progress in the first half of the year.
The Post said the country was in the process of implementing its new foreign exchange regulation, which will see foreign currency issued at a fixed rate.