What's our economic contribution?

[Kudel]

One only has to wonder why the worlds richest people don't retire in Thailand ?And about bringing you're hard earned in to Thailand i often wonder why most of the richest Thais plonk most of their cash in offshore tax havens and buy top end property in place's all over the globe in place's such as Londen ,indeed a place where some of you came from.

[Jingthing]

Retired expats ... several local level Thai jobs created. That's according to the Philippines government policy on promoting retired expats there. Their financial requirements for that are very close to Thailand. Never seen a Thai document stating that but it's fair to assume its similar. It's not a 1 to 1 cash relationship. Imported currency spent locally has a MULTIPLIER effect on local economies. That's one thing many people don't get.

Also of course, the initial move represents a new household creation. Most people buy almost everything to set up house initially. So a bigger impact then.

Edited September 6, 2014 by Jingthing

[rgs2001uk]

Retired expats ... several local level Thai jobs created. That's according to the Philippines government policy on promoting retired expats there. Their financial requirements for that are very close to Thailand. Never seen a Thai document stating that but it's fair to assume its similar. It's not a 1 to 1 cash relationship. Imported currency spent locally has a MULTIPLIER effect on local economies. That's one thing many people don't get.

Also of course, the initial move represents a new household creation. Most people buy almost everything to set up house initially. So a bigger impact then.

Any chance of spitting that out in English for those of us dumb enough to still speak the language.

I really dont give a toss what the Flipper gov't has to say, this is Thailand, if you dont like please leave, sad to inform you, you wont be missed..

How many drivers, maids, cooks and bottle washers do you employ?

Heck even Naams tri lingual dog with canine capabilities of predicting the stock market employs more.

[Jingthing]

Retired expats ... several local level Thai jobs created. That's according to the Philippines government policy on promoting retired expats there. Their financial requirements for that are very close to Thailand. Never seen a Thai document stating that but it's fair to assume its similar. It's not a 1 to 1 cash relationship. Imported currency spent locally has a MULTIPLIER effect on local economies. That's one thing many people don't get.

Also of course, the initial move represents a new household creation. Most people buy almost everything to set up house initially. So a bigger impact then.

Any chance of spitting that out in English for those of us dumb enough to still speak the language.

I really dont give a toss what the Flipper gov't has to say, this is Thailand, if you dont like please leave, sad to inform you, you wont be missed..

How many drivers, maids, cooks and bottle washers do you employ?

Heck even Naams tri lingual dog with canine capabilities of predicting the stock market employs more.

You are quite the hostile one. A reply to that garbage? Fuggetaboutit!

[rgs2001uk]

Retired expats ... several local level Thai jobs created. That's according to the Philippines government policy on promoting retired expats there. Their financial requirements for that are very close to Thailand. Never seen a Thai document stating that but it's fair to assume its similar. It's not a 1 to 1 cash relationship. Imported currency spent locally has a MULTIPLIER effect on local economies. That's one thing many people don't get.

Also of course, the initial move represents a new household creation. Most people buy almost everything to set up house initially. So a bigger impact then.

Any chance of spitting that out in English for those of us dumb enough to still speak the language.

I really dont give a toss what the Flipper gov't has to say, this is Thailand, if you dont like please leave, sad to inform you, you wont be missed..

How many drivers, maids, cooks and bottle washers do you employ?

Heck even Naams tri lingual dog with canine capabilities of predicting the stock market employs more.

You are quite the hostile one. A reply to that garbage? Fuggetaboutit!

Far from it JT, please reply in Spanish or Tagalog, sorry my German is non existant these days, or are you speaking some obscure Ukrainiene language, please reply in Russian at least I can understand that.

Sorry never been to SF so dont speak your secret language.

[David48]

Heck even Naams tri lingual dog with canine capabilities of predicting the stock market employs more.

Naam's dogs have gained quite some fame and notoriety ...

.

[MJP]

Heck even Naams tri lingual dog with canine capabilities of predicting the stock market employs more.

Naam's dogs have gained quite some fame and notoriety ...

.

They're on the cover of Fortune 500 magazine.

[NeverSure]

Retired expats ... several local level Thai jobs created. That's according to the Philippines government policy on promoting retired expats there. Their financial requirements for that are very close to Thailand. Never seen a Thai document stating that but it's fair to assume its similar. It's not a 1 to 1 cash relationship. Imported currency spent locally has a MULTIPLIER effect on local economies. That's one thing many people don't get.

Also of course, the initial move represents a new household creation. Most people buy almost everything to set up house initially. So a bigger impact then.

Any chance of spitting that out in English for those of us dumb enough to still speak the language.

I really dont give a toss what the Flipper gov't has to say, this is Thailand, if you dont like please leave, sad to inform you, you wont be missed..

How many drivers, maids, cooks and bottle washers do you employ?

Heck even Naams tri lingual dog with canine capabilities of predicting the stock market employs more.

Emphasis in bold mine.

You really don't consider that hostile, and you think that deserves a reply?

Your whole post verifies that you have no idea how to be part of a civil conversation and I wouldn't give you a reply on the topic, either.

[enuff said]

.

One only has to wonder why the worlds richest people don't retire in Thailand ?And about bringing you're hard earned in to Thailand i often wonder why most of the richest Thais plonk most of their cash in offshore tax havens and buy top end property in place's all over the globe in place's such as Londen ,indeed a place where some of you came from.

You are still on the wrong scale Kudel. If you have the dosh, you don't have to go anywhere to retire. You can stay at home in your solarium and heated pool and be annoying just as easily.

I don't have to wonder why the wealthy (I mean REALLY wealthy, not the nickel and dime flaky posers on here) not only don't retire in Thailand, they don't even vacate here; more than once, anyway.

The reason is stigma. Look it up if you have to.

Have a penchant for this corner of the world? The mumblings of "sex addict lady-boy kiddy fiddler homo cradle snatcher druggie", and worse, will dog you. Even if you have "business" here, visit more than twice a year for a few days and tongues will wag.

While the same kinds of "services" are provided in 5 star destinations for sure, they don't have the stigma.

Right or wrong Thailand (Philippine too) has a bad reputation among the super-rich. There are quite a few stories of headstrong scions gone off the rails here. Requiring interventions and drying out in various institutions. Most unsavory.

That's why I say with quiet confidence that all those bleating on about their "huge contributions" are full of hot air.

'nuff said

~

Edited September 6, 2014 by 'nuff said

[Keesters]

30 years ago I bought into a new housing community of 108 houses averaging in price ~500,000 each. While the ownership of none of these houses and land could not be in Farang name 75 of those houses were paid for IN CASH with Farang money. The developers told me that had that not been the case the development would never have gone ahead as there were insufficient Thais with the money to buy. Building took well over a year employing dozens of THAI people. All the materials (bricks, cement, wood, glass etc) used came from THAI companies. I'm sure there are many other such developments around having similar stories. Condominiums while ownership is limited to 49% Farang many Thai invest in these and rent to Farang long term. Without all those Farang would those condos ever have been built providing employment amounting to many millions of man hours of Thai labor in building as well as material supply.

Had Farang and their money never entered Thailand I believe the country would look far far different than it does today.

[Keesters]

It is fair to say that every single expat living here put about 30,000-40,000 baht a month on average into the economy and of course families put more into the economy ... every month. Expats working here (legally) pay taxes ... every month.

Not only legally employed Farang pay taxes. Everybody does. Never heard of VAT. And the goods consumed by the Farang are made by some Thai company who pays business tax. Tax is far far more than just income tax on salaries.

[glasswort]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

But...but...all the 30 baht meals I buy, where would all the vendors be without me? They charge fellow Thais 25 baht for the same meal, man. I'm the one they make the bulk of their profits from.

T

You have a good point there T.

I get grief from our accounts department every time I put my expenses in. When I finally convince them that is what I actually paid, they say OK and then get tax relief from all the extra 5 bahts for the company.

Taking from the economy and not giving. Sad really....................

"Taking from the economy and not giving" -- so true.

On a serious note...

I have thought about this before whenever I hear about expats complaining how much they contribute. The truth is, we are actually living off their poverty as much as they are living off our "contribution"

Think about that, people.

Besides that, let's remember that there are many hidden as well as explicit subsidies we enjoy without (as non citizens) having the birthright. A partial list:

Rice, gasoline, electricity, water, rubber, palm oil, roads and highways (there's no road tax and the car registration fee is ridiculously low), etc.

Even something like free healthcare, which you'd think we don't benefit from, we do. For example, your maid or car mechanic or gardener is cheaper to hire because they don't have to save up for medical emergencies.

I am convinced that it is we that are taking advantage of them.

T

If there is no road tax then why do I pay almost THB7,000 per year for the little disc displayed on my windscreen? What is the car registration fee?

[Issangeorge]

I support 8 people to a fairly nice life style, that they would not have if I was not here. Sure they would survive, but not as comfortably. Remember every baht you spend has a multiplier effect in the economy, and most farangs spend more than the average Thai, so the multiplier effect is that much greater. I drive around my small village and their are at least 15 houses built from farangs money, that has added to the economy.

[garyinhuahin]

.

For the penurious tight bastids who worship money above all else, their is no placating them. No matter what the price, it's too much and all must bow down to them when they open their wallets. Most of them are here because "you don't have to tip". How much hateful, begrudging, pinchy pinchy baht do they contribute? To the GNP? Spit. Practically nothing.

Thailand could ban tourism tomorrow and barely hiccup. 6% of the economy gone? Who would miss it? They would make it back in 2 years.

Thais have their own culture, books, art, music, dance. Well established agriculture, factory, wholesale, retail and international trade sectors as well as tons of resources. Thais have a lot going on.

That's why so many cowboys show up, look around for 10 minutes and declare the place their own private plum, ripe for the plucking. "What this place needs is another beer bar." How many...? 10 a week on TVF alone with "I wanna open a _____________ business."

Whatever "IT" is, Thailand has "IT" and thousands of farang are scratching and clawing to work here, live here, invest here.

They really don't need tourism at all.

'nuff said

~

Speak for yourself,maybe the facts should be checked first,tourism makes up about 20 percent of GDP,10 percent of that comes directly from the tourists and the other 10 per cent comes from related things such as restaurants,the construction industry etc.It also brings in foreign currency,plus the cash that is generated by tourism doesn't require contant investment to obtain,not like for example in the car industry where lots of things need to be imnported in order to make the end product,the tourists just come in and spend,the infrastructure largely already exists.

How much the expats contribute is anybody's guess but I think it's quite a lot,just look at the real estate business here in Phuket and elsewhere,not to mention the contributions made to families,wives etc etc.

Compared to what for example the Chinese are spending it's in any case a hell of a lot.

Really curious where your figures come from.

[bheard]

The impact on the economy of expats living here would have to be miniscule at best. Yes, you can make 'contributions' to the economy in your own little family circle, but 50 years down the track, will anything have changed because of you? Sorry, but the answer is NO.

Thai at Heart wrote:

"
Their poverty is their problem. They have a govt and they make the rules. They are the one with the horrendous wealth distribution. No one has ever asked a falang opinion about how to solve poverty in Thailand.

That is 110% of their own making."

Absolutely true. Is the reason why westerners label Thailand 'third world' is because they have a lot of very poor people here? The fact is that Thai culture promotes the division between rich and poor. There is massive wealth in Thailand. I refer posters to the book "Thai Capital" published by Silkworm books to get a better idea of just how big that wealth is and how the economy works. In Thailand, more than anywhere probably, business = politics and politics = business, meaning that to succeed you've got to be in both.

The term 'third world' does not apply here, it's not appropriate. Maybe 'alternative world' would be better. It's all about the distribution of wealth.

[MJP]

The impact on the economy of expats living here would have to be miniscule at best. Yes, you can make 'contributions' to the economy in your own little family circle, but 50 years down the track, will anything have changed because of you? Sorry, but the answer is NO.

Thai at Heart wrote:

"

Their poverty is their problem. They have a govt and they make the rules. They are the one with the horrendous wealth distribution. No one has ever asked a falang opinion about how to solve poverty in Thailand.

That is 110% of their own making."

Absolutely true. Is the reason why westerners label Thailand 'third world' is because they have a lot of very poor people here? The fact is that Thai culture promotes the division between rich and poor. There is massive wealth in Thailand. I refer posters to the book "Thai Capital" published by Silkworm books to get a better idea of just how big that wealth is and how the economy works. In Thailand, more than anywhere probably, business = politics and politics = business, meaning that to succeed you've got to be in both.

The term 'third world' does not apply here, it's not appropriate. Maybe 'alternative world' would be better. It's all about the distribution of wealth.

First class post. Winner or thief takes all. Pretty grim for most.

[smotherb]

My egocentric existence pales in comparison to your magnificent contributions. I am here to take advantage of the easier and cheaper lifestyle. However, since I spend so much every month, I don't feel the Thai economy suffers from my presence.

[Thakkar]

I don't think anyone has argued that expats make no contribution. Rather, the argument is that it isn't as HUGE as some posters on this and hundreds of other threads endlessly boast about.

More importantly, the message, often explicitly and arrogantly stated by posters, is that we are doing these poor bastards a big favor and they should be bloody grateful and worship the ground we walk on. I'd like more expats to acknowledge that "we" get at least as much, if not more, out of the arrangement as "they" do. We are buying "the Thailand service" and Thailand is providing the service. None of us is forced to live here and they aren't forced to let us live here. In a free market, this is by definition a fair exchange.

So let's stop fooling ourselves that we are somehow altruistic and a godsend, stop demanding some kind of obeisance gratefulness that isn't warranted. Let's get off that "benefactor pedestal" we've built ourselves whence we bloviate arrogantly.

T

[NoshowJones]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

But...but...all the 30 baht meals I buy, where would all the vendors be without me? They charge fellow Thais 25 baht for the same meal, man. I'm the one they make the bulk of their profits from.

T

You have a good point there T.

I get grief from our accounts department every time I put my expenses in. When I finally convince them that is what I actually paid, they say OK and then get tax relief from all the extra 5 bahts for the company.

Taking from the economy and not giving. Sad really....................

"Taking from the economy and not giving" -- so true.

On a serious note...

I have thought about this before whenever I hear about expats complaining how much they contribute. The truth is, we are actually living off their poverty as much as they are living off our "contribution"

Think about that, people.

Besides that, let's remember that there are many hidden as well as explicit subsidies we enjoy without (as non citizens) having the birthright. A partial list:

Rice, gasoline, electricity, water, rubber, palm oil, roads and highways (there's no road tax and the car registration fee is ridiculously low), etc.

Even something like free healthcare, which you'd think we don't benefit from, we do. For example, your maid or car mechanic or gardener is cheaper to hire because they don't have to save up for medical emergencies.

I am convinced that it is we that are taking advantage of them.

T

If every western retiree living in Thailand, all suddenly up and go back to their own countries, don't tell me there would be no or little effect on Thailands economy, and I am only referring to retirees here, not the ones who are working.

[NoshowJones]

.

For the penurious tight bastids who worship money above all else, their is no placating them. No matter what the price, it's too much and all must bow down to them when they open their wallets. Most of them are here because "you don't have to tip". How much hateful, begrudging, pinchy pinchy baht do they contribute? To the GNP? Spit. Practically nothing.

Thailand could ban tourism tomorrow and barely hiccup. 6% of the economy gone? Who would miss it? They would make it back in 2 years.

Thais have their own culture, books, art, music, dance. Well established agriculture, factory, wholesale, retail and international trade sectors as well as tons of resources. Thais have a lot going on.

That's why so many cowboys show up, look around for 10 minutes and declare the place their own private plum, ripe for the plucking. "What this place needs is another beer bar." How many...? 10 a week on TVF alone with "I wanna open a _____________ business."

Whatever "IT" is, Thailand has "IT" and thousands of farang are scratching and clawing to work here, live here, invest here.

They really don't need tourism at all.

'nuff said

~

Most of them are here because "you don't have to tip"?? no one has to tip anywhere, I spent four weeks once in America, and because I was told I must allow 20% of my spending money for tips, I refused to tip even one cent. No one tells me what I must do, everyone should do what they like, provided everything is done fairly, and nothing done against ordinary people. Sorry for being a little bit off topic here.

[Thakkar]

If every western retiree living in Thailand, all suddenly up and go back to their own countries, don't tell me there would be no or little effect on Thailands economy, and I am only referring to retirees here, not the ones who are working.

That's a spurious argument. It's like saying what if all the people of China jumped up and down all at once--we could change the tilt of the globe.

Besides, nobody has suggested that expats don't make a contribution.

T

[NoshowJones]

"Their poverty is their problem."

Indeed, it *is* their problem. But that doesn't mean we aren't gaining from its existence.

T

Gain is subjective. By employing people you are doing your bit. If you pay minimum and comply with the law, (in terms of employing domestic staff), you are doing more than 99% of Thais.

Thailand could have gone in any number of paths and directions to benefit the lower parts of society. They didn't. That is Thailand's cross to bear.

Again, agreed that it is "Thailand's cross to bear"

That doesn't negate the fact that we are getting the benefit of their poverty which allows us to pay these ridiculously low wages.

T

Well, if you were earning Thai wages you wouldn't be able to afford to employ them, so, that could be reversed.

Thailand is benefiting by the wealth afforded u.

You keep looking at it from the point of what "they" get out of "us"

But we gain as well. For example, If I were to live my current $2,500/month lifestyle in, say, London, it would cost me $5,000 a month. Right away, I save $2500 a month. An added bonus is better weather and less surly people.

Now, does all of that $2,500 that I spend go to benefit Thailand? No, because some it I claw back through the subsidies I enjoy whenever I fill up my gas tank, eat rice and use the roads, etc. I'm sure there is a net benefit to Thailand. But we aren't here to do them any favors out of the goodness of our hearts. We are here to take advantage of the weather, the friendliness and the lower cost of living. Let's not act as if we are their great benefactors in any way or form. We are here of our own free will for our own selfish needs and wants.

T

Well why not. There are two sides to the deal, and foreigners do not make up the majority of activity in the economy. All foreigners can do is comply with the law.

The legal rules could be raised, and I don't see any difference from a foreigner being able to have a maid to a Thai being able to have a maid.

The rules are set up to help Thais benefit from other Thais not foreigners. The wages are set to keep Thai businesses in existence not to provide a living for Thais. I truly beleive that the system is set up to benefit the rich over the poor in Thailand.

So, no one is stopping you paying twice or three times the minimum to your maid. Treat her well and she will be part of the family forever.

When I left, my mind and gardener cried like my own family and we are still in touch now.

Your third paragraph, does that not apply to any country, IMHO, I would say it applies to the UK more than just about any other country.

[NoshowJones]

If every western retiree living in Thailand, all suddenly up and go back to their own countries, don't tell me there would be no or little effect on Thailands economy, and I am only referring to retirees here, not the ones who are working.

That's a spurious argument. It's like saying what if all the people of China jumped up and down all at once--we could change the tilt of the globe.

Besides, nobody has suggested that expats don't make a contribution.

T

I didn't say they did, I am only going along with the topic.

[Greg Nixon]

I have said it before and will reiterate it. Any money coming from abroad -pensions capital etc. is an export for Thailand. A retiree may contribute 10 million to 100 million baht to the Thai economy over a 20 year period. In my estimation that is significant and that is where the Thai government should aim the promotions. A one time visitor might contribute 50,000 to 100,000 as an export. What is being exported ? - Thai goods and services without the shipping charges. Just imagine the business that Thailand could do if there were no corruption. We foreigners al have big mouths and tell the bad with the good. That is why most of the best people stay away.

Foreigners are really jeopardising themselves and their futures by staying here. After having said that I am willing to do that for the sake of month to month economy.

[NoshowJones]

Talk about not a clue. No one posting here has even a basic knowledge of economics 101. New money coming into a country from outside.. for example from a farang getting SS from the US and spending that money here in Thailand or a Brit on a pension doing the same has a much greater impact by far on a third world economy like Thailand than numerious regular Thai people doing their jobs driving a taxi or clerking at the 7-11. Thailand has only advanced econimically because it is lucky to be a tourist destination.

and it won't be much of a tourist destination if the powers that be do not pay attention to the first topic here.

[Thakkar]

@possum post No.52

"Your third paragraph, does that not apply to any country,"

I'm sure it does.

In our home countries we take it all (rightfully?) as a birthright. Over here, many expats take it and pretend they don't.

We contribute to Thailand, and Thailand earns it fair and square. The fact the we are here is proof that we feel we are getting a good deal. Why insist that we are doing them any favors?

T

[Thakkar]

If every western retiree living in Thailand, all suddenly up and go back to their own countries, don't tell me there would be no or little effect on Thailands economy, and I am only referring to retirees here, not the ones who are working.

That's a spurious argument. It's like saying what if all the people of China jumped up and down all at once--we could change the tilt of the globe.

Besides, nobody has suggested that expats don't make a contribution.

T

I didn't say they did, I am only going along with the topic.

Fair enough.

T

[garyinhuahin]

I don't have the numbers but the formula would be to find the number of expats and then guess at an average income or pension and multiply out…

so, if 500,000 expats living here and the average income is 75,000 a month just multiply out - it would just be guesstimate as many spend more or less…

that should get you close.

Agreed. Our direct monetary contribution to the economy as a percentage =

(# of expats * avg monthly expenditure *12)/Gross Domestic Revenue) * 100

The trick would be to get actual numbers rather than guesses.

Does anyone have this information from a reliable source (or even a questionable one, as a long as it's a source and not your guess)?

If the numbers given here were real (I don't think they are), then our direct monetary contribution would be 45 billion THB/year, or a tiny fraction of the revenues earned by tourism.

Indirect and multiplier effects are harder to quantify (not they've gotten close to quantifying this). But these also exist for tourism and every other economic activity to one degree or another.

As another poster said, no one doubts we contribute (directly and indirectly). The trick is to figure out how much and what it amounts to in relation to other sectors of the economy.

Although out of date by several years, TAT posts some pretty detailed figures for the tourist industry, domestic and international. I'd love to find something similar relating to long-stayers. Does it exist?

[Thai at Heart]

I don't think anyone has argued that expats make no contribution. Rather, the argument is that it isn't as HUGE as some posters on this and hundreds of other threads endlessly boast about.

More importantly, the message, often explicitly and arrogantly stated by posters, is that we are doing these poor bastards a big favor and they should be bloody grateful and worship the ground we walk on. I'd like more expats to acknowledge that "we" get at least as much, if not more, out of the arrangement as "they" do. We are buying "the Thailand service" and Thailand is providing the service. None of us is forced to live here and they aren't forced to let us live here. In a free market, this is by definition a fair exchange.

So let's stop fooling ourselves that we are somehow altruistic and a godsend, stop demanding some kind of obeisance gratefulness that isn't warranted. Let's get off that "benefactor pedestal" we've built ourselves whence we bloviate arrogantly.

T

Well on the average of salaries versus the visa requirements, an average retiree foreigner contributes as much as 4 working Thais.

So, if 750k Thais, that equates to 3mn working Thais which is about 10% of the working population .

This assumes every Farang is on approximate minimum qualification for a retirement visa. Let's for an experiment have all long stayers try to live on minimum wage for 3months and see what happens .

I think certain resorts would have a fit, but on a nationwide basis, it should be very noticeable.

[Cypress Hill]

30 years ago I bought into a new housing community of 108 houses averaging in price ~500,000 each. While the ownership of none of these houses and land could not be in Farang name 75 of those houses were paid for IN CASH with Farang money. The developers told me that had that not been the case the development would never have gone ahead as there were insufficient Thais with the money to buy. Building took well over a year employing dozens of THAI people. All the materials (bricks, cement, wood, glass etc) used came from THAI companies. I'm sure there are many other such developments around having similar stories. Condominiums while ownership is limited to 49% Farang many Thai invest in these and rent to Farang long term. Without all those Farang would those condos ever have been built providing employment amounting to many millions of man hours of Thai labor in building as well as material supply.

Had Farang and their money never entered Thailand I believe the country would look far far different than it does today

Oh behave yourself.

It's not that there weren't enough Thais with money to buy in; they just didn't like the houses, the area or maybe weren't keen to live next door to Westerners.

Think of how many high end condos there are in Bangkok in places like Thong Lo, Lang Suan. They're mostly occupied by renting Thais; not farang.

All the high end rental agencies will tell you straight that 80-90% of their client base is THAI.

If every western retiree living in Thailand, all suddenly up and go back to their own countries, don't tell me there would be no or little effect on Thailands economy, and I am only referring to retirees here, not the ones who are working.

A retiree isn't necessarily a pensioner. Many "retirees" work; often illegally.

If you're talking about pensioners, you're mistaken; your average pensioner isn't over here living like Sheikh Yamoney buying up houses, cars and Prada handbags for his floosie.

He's living on a budget that allows for cheap meals at a Tesco food hall and a couple of lager tops during happy hour.

That's why he came here; to live more cheaply than he might be able to back home.

No one's saying there'd be no effect on the Thai economy if all the retirees left but it wouldn't amount to much