Economy of Thailand
Encyclopedia
The economy
of Thailand
is a newly industrialized economy. It is a heavily export
-dependent economy, with exports accounting for more than two thirds of gross domestic product
(GDP).
Recently, Thailand experienced GDP growth by 7.8% in 2010 making it one of the fastest growing economies in Asia
and the fastest growing economy in South East Asia. The country has a GDP of 9.5 trillion Baht, or US$584 billion (PPP
) making it the 24th largest economy in the world. This classifies Thailand as the second largest economy in Southeast Asia after Indonesia
. Despite this, Thailand ranks midway in the wealth spread in Southeast Asia as it is the 4th richest nation by GDP per capita, after Singapore
, Brunei
and Malaysia. Thailand's nominal economic output as of June 2010 is $313.8 billion USD, while holding some $172 billion in foreign exchange assets which ranks 11th in world. Thailand has strong automobile industry which grew by 63% in 2010 with 1.6 million cars produced ranking it as 13th in the motor vehicle producing countries in the world. Experts predict that by the year 2015 Thailand will be one of the top 10 motor vehicle producing countries in the world.
Thailand's economy functions as an anchor economy for the neighboring developing economies of Laos
, Burma, and Cambodia
. Thailand's recovery from the 1997–1998 Asian financial crisis depended mainly on exports, among various other factors. Thailand ranks high among the world's automotive export industries along with manufacturing of electronic goods.
Tourism revenues are on the rise and contributing to about 6% of GDP. The GDP growth of Thailand was 8.0% in 2010, higher than previous highs of 5-7% under the previous civilian administration. Thailand enjoys high foreign investment and consumer confidence. Unemployment is at 1.2% as year 2010, with estimations of falling to 1% by the year 2012 therefore Thailand has one of the lowest unemployment rates in the world. Decades of economic growth reduced poverty in Thailand. Thailand enjoys one of the lowest poverty rates in Asia. In 2010, Thailand, along with Japan
, South Korea
, Taiwan
, Brunei
and Malaysia were the only countries in Asia with less than 2% of the country's total population living under $1.25 per day.
Due to rising oil and food prices, the annual inflation rate for 2010 shot up to 3.5% in July, but it will unlikely reach higher rates as oil and food prices are stabilizing and Thailand is receiving high foreign reserves and capital investment.
signed in 1855, guaranteed the privileges of British traders. Bangkok became one of the most important trading centers in East Asia.
However, the domestic market slowly developed. Some academics suggest that because of the control of serfs was the root of the domestic stagnation. Most of male population in Siam were in service of court officials while their wives and daughters might do some small-scale trade in local markets. Moreover many who were indebted, became 'slaves'. Siam eventually lacked of labors and 'national' entrepreneurs. Rama V thus abolished serfdom and slaves status in 1901 and 1905 respectively.
From early twentieth century to the end of World War II, economy of Thailand gradually became a part of global system. Major entrepreneurs were ethnic Chinese, who eventually became Siamese nationals. Export of agricultural products, especially rice, is the most important. Thailand has been among the top of rice exporters in the world until today. However, due to the Great Depression in world economy in 1920s-1930s, economy of Thailand suffered greatly. The result culminated in the 'Revolution' in 1932, which ended the absolute rule of the Crown.
After the war and domestic turmoils, despite the military rule, Thailand economy continued to rely on foreign trade with the financial aid from the United States. New cash crops like corns, tapioca, sugar canes and rubber were among the most important exports.
with average growth rates of 10.4% from 1985 to 1996. The administration under prime minister Prem Tinsulanonda
in power from 1980 to 1988 began to open up the country's economy to international trade.
However, after the 1997–1998 Asian currency crisis, gigantic financial institutions crumbled, millions of people became unemployed or bankrupted. It wasn't until 2001 that Thailand regained momentum over the baht and economy.
Thailand's 23rd prime minister, businessman Thaksin
took office in February 2001 with the intention of increasing domestic activity and reducing Thailand's reliance on foreign trade and investment. Since then, the Thaksin administration has refined its economic message, embracing a "dual track" economic policy that combines increased domestic activity with Thailand's traditional promotion of open markets and foreign investment.
This set of policies is popularly known as Thaksinomics
. Weak export demand held 2001 GDP growth to 2.2%. In 2002/03/04, however, increased domestic activity and an export revival fueled better performance, with real GDP growth at 5.3%, 7.1% and 6.3% respectively. However, in 2005, under rising oil prices and trade deficits, severe droughts and floods, the Southern Thailand Insurgency reaching its peak, uncertainty of the future of Thaksin's government and the tourism aftershocks of the Indian Ocean Earthquake Tsunami on December 26, 2004, economic growth slumped to 4.5%.
In 2005 Thailand also had a current account deficit of -4.3% of GDP, or US$ -7.6 billion. Ever since 2006 Thailand has once again a surplus in its current account and in 2006 the economy was buoyed by strong export growth, however, the military coup d'état on September 19, 2006, which ousted the prime minister and abrogated the 1997 constitution, along with the December 2007 elections, cast uncertainty.
The present elected civilian administration under Samak Sundaravej
in power since January 29, 2008 estimates that the economy will have grown by about 5.5% to 6%. The rapid growth of the industrial and financial sectors over the last decades, agriculture and tourism are not the most important sources of revenue.
For purchasing power parity comparisons, the US Dollar is exchanged at 22→.34 Baht only.
Before the 1997 financial crisis, the Thai economy had years of manufacturing-led economic growth—averaging 9.4% for the decade up to 1996. Relatively abundant and inexpensive labor and natural resources, fiscal conservatism, open foreign investment policies, and encouragement of the private sector underlay the economic success in the years up to 1997.
The economy of Thailand is an advocate of the free enterprise
system. Certain services, such as power generation, transport
ation, and communications, are state-owned and operated, but the government has considered privatizing
them in the wake of the financial crisis.
The Royal Thai Government welcomes foreign investment, and investors who are willing to meet certain requirements can apply for special investment privileges through the Board of Investment
. To attract additional foreign investment, the government has modified its investment regulations.
The organized labor movement remains weak and divided in Thailand; only 4% of the labor force is unionized. In 2000, the State Enterprise Labor Relations Act (SELRA) was passed, giving public sector employees similar rights to those of private sector workers, including the right to unionize.
49% of Thailand's labor force is employed in agriculture
, however this is less than the 70% employed in 1980. Agriculture has been experiencing a transition from labour intensive and transitional methods into a more industrialised and competitive sector. Rice
is the country's most important crop; Thailand is the #1 exporter in the world rice market. Other agricultural commodities produced in significant amounts include fish
and fishery products, tapioca
, rubber
, grain
, and sugar
. Exports of processed foods such as canned tuna
, pineapple
s, and frozen shrimp
are on the rise.
Thailand's increasingly diversified manufacturing sector made the largest contribution to growth during the economic boom. Industries registering rapid increases in production included computers and electronics, garments and footwear, furniture, wood products, canned food, toys, plastic products, gems, and jewelry. High-technology products such as integrated circuits and parts, electrical appliances, and vehicles are now leading Thailand's strong growth in exports.
and a major exporter of shrimp. Other crops include coconuts, corn, rubber, soybeans, sugarcane and tapioca.
In 1985 Thailand officially designated 25 percent of the nation's land area for protected forests and 15 percent for timber production. Protected forests have been set aside for conservation and recreation, while production forests are available for the forestry industry. Between 1992 and 2001, exports of logs and sawn timber increased from 50,000 cubic meters to 2 million cubic meters per year.
The regional avian flu outbreak led to a contraction of Thailand's agricultural sector during 2004, and the tsunami disaster of December 26, 2004, devastated the west coast fisheries industry. In 2005 and 2006 agricultural GDP was stated to have contracted by 10 percent.
Thailand is the world's second largest exporter of gypsum after Canada, even though government policy limits gypsum exports to prevent price cuts. In 2003 Thailand produced more than 40 types of minerals with an annual value of about US$740 million. However, more than 80 percent of these minerals were consumed domestically.
In September 2003, in order to encourage foreign investment in the mining industry, the government relaxed severe restrictions on mining by foreign companies and reduced mineral royalties payable to the state.
In 2007 industry contributed 43.9% of gross domestic product (GDP) but employed only 14% of the workforce. This proportion is the opposite of the one applying to agriculture. Industry expanded at an average annual rate of 3.4 percent during the 1995–2005 period. The most important subsector of industry is manufacturing, which accounted for 34.5 percent of GDP in 2004.
Thailand is becoming a center of automobile manufacturing for the Association of Southeast Asian Nations (ASEAN) market. By 2004 automobile production had reached 930,000 units, more than twice as much as in 2001. Two automakers active in Thailand are Toyota and Ford. The expansion of the automotive industry has led to a boom in domestic steel production.
Thailand's electronics industry faces competition from Malaysia and Singapore, while its textile industry faces competition from China and Vietnam. But now according to the World Journal
reported that the Thai Textile Association president Chung SHA said that although the global economic downturn, but the emerging markets leading role and the Thai-Japanese free trade agreement (FTA) signed, with Thai exports of textiles and garments for good.
In 2005 daily oil consumption of 838000 oilbbl/d exceeded domestic production of 306000 oilbbl/d. Thailand's four oil refineries have a combined capacity of 703100 oilbbl/d. Thailand's government is considering establishing a regional oil processing and transportation hub, serving the needs of south-central China. In 2004 natural gas consumption of 1055 Gcuft exceeded domestic production of 790 Gcuft.
Also in 2004, estimated coal consumption of 30.4 million short tons exceeded coal production of 22.1 million short tons. As of January 2007, proven oil reserves totaled 290 Moilbbl, and proven natural gas reserves were 14.8 Tcuft. In 2003 recoverable coal reserves totaled 1,492.5 million short tons.
In 2005 Thailand consumed about 117.7 billion kilowatt-hours of electricity. Electricity consumption rose by 4.7 percent in 2006 to 133 billion kilowatt-hours. According to the state electricity utility, the Electricity Generating Authority of Thailand
, power consumption by residential consumers has been increasing because of more favorable rates given to residential customers over the industry and business sectors. Thailand's state-controlled electric utility and petroleum monopolies are undergoing restructuring.
Also, a sharp increase in tourism from other Asian countries has contributed largely to Thailand's economy even though the Baht has gained strength compared to most other currencies in the past two years. In 2007 some 14 million tourists visited Thailand. The Thai tourism industry includes a thriving sex industry. Successive Thai governments, however, continue to neglect sex workers rights under labor laws that persist in the criminalization of sex workers, allowing corrupt authorities and employers to exploit sex-workers' labor.
The easing of the monetary crisis
, the renewed vigorous growth of the Chinese economy
, the relatively stable internal political situation following the 2008–2009 Thai political crisis, and the 2009 flu pandemic
having less of an impact as initially feared, have changed the tourism outlook for 2010. Thailand experienced a decrease of international visitors of 16% over the first six months of 2009 but the last four months of 2009 have seen a return of foreign tourists to Thailand with a marked increase in the months of November and December. The provisional numbers for 2009 have now been revised upwards to close to 14 million international visitors, which is a decrease of only 4% compared to 2008.
Despite a return to profitability, however, Thailand's banks continue to struggle with the legacy of the financial crisis in the form of unrealized losses and inadequate capital. Therefore, the government is considering various reforms, including establishing an integrated financial regulatory agency that would free up the Bank of Thailand
to focus on monetary policy.
In addition, the Thai government is attempting to strengthen the financial sector through the consolidation of commercial, state-owned, and foreign-owned institutions. Specifically, the government's Financial Sector Reform Master Plan, which was first introduced in early 2004, provides tax breaks to financial institutions that engage in mergers and acquisitions.
The reform program has been deemed successful by outside experts. In 2007, there were three state-owned commercial banks and five state-owned specialized banks, 15 Thai commercial banks, and 17 foreign banks in Thailand.
The Bank of Thailand sought to stem the flow of foreign funds into the country in December 2006. This led within one day to the largest drop in stock prices on the Stock Exchange of Thailand
since the 1997 Asian Financial Crisis. The massive selling by foreign investors amounted more than US$708 million.
Although laws applying to private-sector workers' rights to form and join trade unions were unaffected by the September 19, 2006, military coup and its aftermath, workers who participate in union activities continue to have inadequate legal protection. According to the U.S. Department of State, union workers are inadequately protected. Thailand's unemployment rate lies at 1.5% percent of the labor force.
The United States is Thailand's largest export market and second-largest supplier after Japan
. While Thailand's traditional major markets have been North America
, Japan
, and Europe
, economic recovery among Thailand's regional trading partners has helped Thai export growth.
Recovery from the financial crisis depended heavily on increased exports to the rest of Asia
and the United States
. Since 2005, the rapid ramp-up in export of automobiles of Japanese makes (esp. Toyota, Nissan, Isuzu) has helped to dramatically improve the trade balance, with over 1 million cars produced annually since then. As such, Thailand has joined the ranks of the world's top ten automobile exporting nations.
Machinery and parts, vehicles, electronic integrated circuits, chemicals
, crude oil and fuels, and iron
and steel
are among Thailand's principal imports. The recent increase in import levels reflects the need to fuel the production of high-technology items and vehicles.
Thailand is a member of the World Trade Organization
(WTO) and the Cairns Group of agricultural exporters. Thailand is part of the ASEAN Free Trade Area
(AFTA). Thailand has actively pursued free trade agreements. A China-Thailand Free Trade Agreement (FTA) commenced in October 2003. This agreement was limited to agricultural products, with a more comprehensive FTA to be agreed upon by 2010. Thailand also has a limited Free Trade Agreement with India, which commenced in 2003; and a comprehensive Australia-Thailand Free Trade Agreement which started 1 January 2005.
Thailand started free trade negotiations with Japan in February 2004, and an in-principle agreement was agreed in September 2005. Negotiations for a US-Thailand Free Trade Agreement are underway, with the fifth round of meetings held in November 2005.
Tourism contributes significantly to the Thai economy, and the industry has benefited from the Thai baht
's depreciation
and Thailand's stability. Tourist arrivals in 2002 (10.9 million) reflected a 7.3% increase from the previous year (10.1 million in 2001).
Bangkok
is one of the most prosperous parts of Thailand, and heavily dominates the national economy, with the infertile northeast being the poorest. An overriding concern of successive Thai Governments, and a particularly strong focus of the recently ousted Thaksin government, has been to reduce these regional disparities, which have been exacerbated by rapid economic growth in Bangkok and the financial crisis.
Although little economic investment reaches other parts of the country except for tourist zones, the government has been successful in stimulating provincial economic growth in the Eastern Seaboard of Thailand
, and the Chiang Mai
area. Despite much talk of other regional developments, these 3 regions and other tourist zones still dominate the national economy.
Although the economy has demonstrated moderate positive growth since 1999, future performance depends on continued reform of the financial sector, corporate debt restructuring, attracting foreign investment, and increasing exports. Telecommunications, roadways, electricity
generation, and ports showed increasing strain during the period of sustained economic growth and may pose a future challenge. Thailand's growing shortage of engineers and skilled technical personnel may limit its future technological creativity and productivity.
with a total known value of 81 bil. USD with the involvement of Thai firms have been announced. The year 2010 was a new record in terms of value with 12 bil. USD of transactions. The largest transaction with involvement of Thai companies has been: PTT Chemical PCL merged with PTT Aromatics and Refining PCL valued at 3.8 bil. USD in 2011.
26.8% of GDP (2007 est.)
Household income or consumption by percentage share:
Distribution of family income - Gini index:
42 (2002)
Agriculture - products:
rice, cassava (tapioca), rubber, corn, sugarcane, coconuts, soybeans
Industries:
tourism, textiles and garments, agricultural processing, beverages, tobacco, cement, light manufacturing such as jewelry, electric appliances and components, computers and parts, integrated circuits, furniture, plastics, world's second-largest tungsten producer, and third-largest tin producer
Industrial production growth rate:
5.4% (2007 est.)
Electricity:
Electricity - production by source:
Oil:
Natural gas:
Current account balance:
$14.92 billion (2007 est.)
Exports - commodities:
textiles and footwear, fishery products, rice, rubber, jewelry, automobiles, computers and electrical appliances
Imports - commodities:
capital goods, intermediate goods and raw materials, consumer goods, fuels
Reserves of foreign exchange and gold:
$100 billion (February 2008)
Economic system
An economic system is the combination of the various agencies, entities that provide the economic structure that defines the social community. These agencies are joined by lines of trade and exchange along which goods, money etc. are continuously flowing. An example of such a system for a closed...
of Thailand
Thailand
Thailand , officially the Kingdom of Thailand , formerly known as Siam , is a country located at the centre of the Indochina peninsula and Southeast Asia. It is bordered to the north by Burma and Laos, to the east by Laos and Cambodia, to the south by the Gulf of Thailand and Malaysia, and to the...
is a newly industrialized economy. It is a heavily export
Export
The term export is derived from the conceptual meaning as to ship the goods and services out of the port of a country. The seller of such goods and services is referred to as an "exporter" who is based in the country of export whereas the overseas based buyer is referred to as an "importer"...
-dependent economy, with exports accounting for more than two thirds of gross domestic product
Gross domestic product
Gross domestic product refers to the market value of all final goods and services produced within a country in a given period. GDP per capita is often considered an indicator of a country's standard of living....
(GDP).
Recently, Thailand experienced GDP growth by 7.8% in 2010 making it one of the fastest growing economies in Asia
Asia
Asia is the world's largest and most populous continent, located primarily in the eastern and northern hemispheres. It covers 8.7% of the Earth's total surface area and with approximately 3.879 billion people, it hosts 60% of the world's current human population...
and the fastest growing economy in South East Asia. The country has a GDP of 9.5 trillion Baht, or US$584 billion (PPP
Purchasing power parity
In economics, purchasing power parity is a condition between countries where an amount of money has the same purchasing power in different countries. The prices of the goods between the countries would only reflect the exchange rates...
) making it the 24th largest economy in the world. This classifies Thailand as the second largest economy in Southeast Asia after Indonesia
Indonesia
Indonesia , officially the Republic of Indonesia , is a country in Southeast Asia and Oceania. Indonesia is an archipelago comprising approximately 13,000 islands. It has 33 provinces with over 238 million people, and is the world's fourth most populous country. Indonesia is a republic, with an...
. Despite this, Thailand ranks midway in the wealth spread in Southeast Asia as it is the 4th richest nation by GDP per capita, after Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
, Brunei
Brunei
Brunei , officially the State of Brunei Darussalam or the Nation of Brunei, the Abode of Peace , is a sovereign state located on the north coast of the island of Borneo, in Southeast Asia...
and Malaysia. Thailand's nominal economic output as of June 2010 is $313.8 billion USD, while holding some $172 billion in foreign exchange assets which ranks 11th in world. Thailand has strong automobile industry which grew by 63% in 2010 with 1.6 million cars produced ranking it as 13th in the motor vehicle producing countries in the world. Experts predict that by the year 2015 Thailand will be one of the top 10 motor vehicle producing countries in the world.
Thailand's economy functions as an anchor economy for the neighboring developing economies of Laos
Laos
Laos Lao: ສາທາລະນະລັດ ປະຊາທິປະໄຕ ປະຊາຊົນລາວ Sathalanalat Paxathipatai Paxaxon Lao, officially the Lao People's Democratic Republic, is a landlocked country in Southeast Asia, bordered by Burma and China to the northwest, Vietnam to the east, Cambodia to the south and Thailand to the west...
, Burma, and Cambodia
Cambodia
Cambodia , officially known as the Kingdom of Cambodia, is a country located in the southern portion of the Indochina Peninsula in Southeast Asia...
. Thailand's recovery from the 1997–1998 Asian financial crisis depended mainly on exports, among various other factors. Thailand ranks high among the world's automotive export industries along with manufacturing of electronic goods.
Tourism revenues are on the rise and contributing to about 6% of GDP. The GDP growth of Thailand was 8.0% in 2010, higher than previous highs of 5-7% under the previous civilian administration. Thailand enjoys high foreign investment and consumer confidence. Unemployment is at 1.2% as year 2010, with estimations of falling to 1% by the year 2012 therefore Thailand has one of the lowest unemployment rates in the world. Decades of economic growth reduced poverty in Thailand. Thailand enjoys one of the lowest poverty rates in Asia. In 2010, Thailand, along with Japan
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
, South Korea
South Korea
The Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
, Taiwan
Taiwan
Taiwan , also known, especially in the past, as Formosa , is the largest island of the same-named island group of East Asia in the western Pacific Ocean and located off the southeastern coast of mainland China. The island forms over 99% of the current territory of the Republic of China following...
, Brunei
Brunei
Brunei , officially the State of Brunei Darussalam or the Nation of Brunei, the Abode of Peace , is a sovereign state located on the north coast of the island of Borneo, in Southeast Asia...
and Malaysia were the only countries in Asia with less than 2% of the country's total population living under $1.25 per day.
Due to rising oil and food prices, the annual inflation rate for 2010 shot up to 3.5% in July, but it will unlikely reach higher rates as oil and food prices are stabilizing and Thailand is receiving high foreign reserves and capital investment.
Pre-modern
Before the modern time, Thailand or, known as Siam, opened to foreign contact. Despite the scarcity of sources, the ports and cities on the coast and at the river mouth were among the early economic centers, welcoming the foreign merchants from Persia, Arab countries, India and China. The rise of Ayutthaya in the fourteenth century has been viewed as the response to 'reborn' Chinese commercial activity. Needless to say, Ayutthaya became one of the most prosperous centers of trade in Asia.Early Modern
In the nineteenth century, when the capital of the kingdom moved to Bangkok, the foreign trade, particularly with China, became the focus of the government. Chinese merchants came to trade, yet some settled down and received the official positions. Numbers of Chinese merchants and migrants became high dignitaries in the court. On the other hand, European merchants became active from the mid-nineteenth century. The Bowring TreatyBowring Treaty
The Bowring Treaty is the name given to an agreement signed on April 18, 1855 between the United Kingdom and the Kingdom of Siam that liberalized foreign trade in Siam....
signed in 1855, guaranteed the privileges of British traders. Bangkok became one of the most important trading centers in East Asia.
However, the domestic market slowly developed. Some academics suggest that because of the control of serfs was the root of the domestic stagnation. Most of male population in Siam were in service of court officials while their wives and daughters might do some small-scale trade in local markets. Moreover many who were indebted, became 'slaves'. Siam eventually lacked of labors and 'national' entrepreneurs. Rama V thus abolished serfdom and slaves status in 1901 and 1905 respectively.
From early twentieth century to the end of World War II, economy of Thailand gradually became a part of global system. Major entrepreneurs were ethnic Chinese, who eventually became Siamese nationals. Export of agricultural products, especially rice, is the most important. Thailand has been among the top of rice exporters in the world until today. However, due to the Great Depression in world economy in 1920s-1930s, economy of Thailand suffered greatly. The result culminated in the 'Revolution' in 1932, which ended the absolute rule of the Crown.
After the war and domestic turmoils, despite the military rule, Thailand economy continued to rely on foreign trade with the financial aid from the United States. New cash crops like corns, tapioca, sugar canes and rubber were among the most important exports.
Modern time
Thailand had historically been a tiger economyTiger Economy
A tiger economy is the economy of a country which undergoes rapid economic growth, usually accompanied by an increase in the standard of living. The term was initially used for Japan, South Korea, Singapore, Hong Kong, and Taiwan , and in the 1990s it was applied to the Republic of Ireland...
with average growth rates of 10.4% from 1985 to 1996. The administration under prime minister Prem Tinsulanonda
Prem Tinsulanonda
General Prem Tinsulanonda is a retired Thai military officer who served as Prime Minister of Thailand from March 3, 1980 to August 4, 1988. He now serves as the Head of the Privy Council of the King of Thailand, Bhumibol Adulyadej....
in power from 1980 to 1988 began to open up the country's economy to international trade.
However, after the 1997–1998 Asian currency crisis, gigantic financial institutions crumbled, millions of people became unemployed or bankrupted. It wasn't until 2001 that Thailand regained momentum over the baht and economy.
Thailand's 23rd prime minister, businessman Thaksin
Thaksin Shinawatra
Thaksin Shinawatra is a Thai businessman and politician, who was Prime Minister of Thailand from 2001 to 2006, when he was overthrown in a military coup....
took office in February 2001 with the intention of increasing domestic activity and reducing Thailand's reliance on foreign trade and investment. Since then, the Thaksin administration has refined its economic message, embracing a "dual track" economic policy that combines increased domestic activity with Thailand's traditional promotion of open markets and foreign investment.
This set of policies is popularly known as Thaksinomics
Thaksinomics
Thaksinomics is a term used to refer to the economic set of policies of Thaksin Shinawatra, Prime Minister of Thailand from 2001-2006. There has been considerable controversy over the role Thaksinomics has played in Thailand's recovery from the 1997 Asian financial crisis...
. Weak export demand held 2001 GDP growth to 2.2%. In 2002/03/04, however, increased domestic activity and an export revival fueled better performance, with real GDP growth at 5.3%, 7.1% and 6.3% respectively. However, in 2005, under rising oil prices and trade deficits, severe droughts and floods, the Southern Thailand Insurgency reaching its peak, uncertainty of the future of Thaksin's government and the tourism aftershocks of the Indian Ocean Earthquake Tsunami on December 26, 2004, economic growth slumped to 4.5%.
In 2005 Thailand also had a current account deficit of -4.3% of GDP, or US$ -7.6 billion. Ever since 2006 Thailand has once again a surplus in its current account and in 2006 the economy was buoyed by strong export growth, however, the military coup d'état on September 19, 2006, which ousted the prime minister and abrogated the 1997 constitution, along with the December 2007 elections, cast uncertainty.
The present elected civilian administration under Samak Sundaravej
Samak Sundaravej
Samak Sundaravej was a Thai Chinese politician who briefly served as the Prime Minister of Thailand and Minister of Defense in 2008, as well as the leader of the People's Power Party in 2008.-Early life and family:...
in power since January 29, 2008 estimates that the economy will have grown by about 5.5% to 6%. The rapid growth of the industrial and financial sectors over the last decades, agriculture and tourism are not the most important sources of revenue.
Macro-economic trend
This is a chart of trend of gross domestic product of Thailand at market prices estimated by the International Monetary Fund with figures in millions of Thai Baht.| Year | Gross Domestic Product | US Dollar Exchange | Inflation Inflation In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a... Index (2007=100) |
Nominal Per Capita GDP (as % of USA) |
PPP Per Capita GDP (as % of USA) |
|---|---|---|---|---|---|
| 1980 | 662,482 | 20.47 Baht | 41 | 5.67 | 8.89 |
| 1985 | 1,056,496 | 27.15 Baht | 52 | 4.24 | 9.30 |
| 1990 | 2,191,100 | 25.58 Baht | 54 | 6.54 | 12.54 |
| 1995 | 4,186,212 | 24.91 Baht | 68 | 10.17 | 17.12 |
| 2000 | 4,922,731 | 40.11 Baht | 83 | 5.65 | 14.20 |
| 2005 | 6,924,273 | 41.02 Baht | 93 | 8.45 | 16.71 |
| 2010 | 10,102,986 | 31.50 Baht | 108 | 10.56 | 19.43 |
For purchasing power parity comparisons, the US Dollar is exchanged at 22→.34 Baht only.
Before the 1997 financial crisis, the Thai economy had years of manufacturing-led economic growth—averaging 9.4% for the decade up to 1996. Relatively abundant and inexpensive labor and natural resources, fiscal conservatism, open foreign investment policies, and encouragement of the private sector underlay the economic success in the years up to 1997.
The economy of Thailand is an advocate of the free enterprise
Free enterprise
-Transport:* Free Enterprise I, a ferry in service with European Ferries between 1962 and 1980.* Free Enterprise II, a ferry in service with European Ferries between 1965 and 1982....
system. Certain services, such as power generation, transport
Transport
Transport or transportation is the movement of people, cattle, animals and goods from one location to another. Modes of transport include air, rail, road, water, cable, pipeline, and space. The field can be divided into infrastructure, vehicles, and operations...
ation, and communications, are state-owned and operated, but the government has considered privatizing
Privatization
Privatization is the incidence or process of transferring ownership of a business, enterprise, agency or public service from the public sector to the private sector or to private non-profit organizations...
them in the wake of the financial crisis.
The Royal Thai Government welcomes foreign investment, and investors who are willing to meet certain requirements can apply for special investment privileges through the Board of Investment
Thailand Board of Investment
Thailand Board of Investment is an agency of the Government of Thailand to promote investment in that country. It provides investment information and services for investors, as well as many incentives.- External links :*...
. To attract additional foreign investment, the government has modified its investment regulations.
The organized labor movement remains weak and divided in Thailand; only 4% of the labor force is unionized. In 2000, the State Enterprise Labor Relations Act (SELRA) was passed, giving public sector employees similar rights to those of private sector workers, including the right to unionize.
49% of Thailand's labor force is employed in agriculture
Agriculture in Thailand
Thai agriculture is highly competitive, diversified and specialised and its exports are very successful internationally. Rice is the country's most important crop; Thailand is a major exporter in the world rice market. Other agricultural commodities produced in significant amounts include fish and...
, however this is less than the 70% employed in 1980. Agriculture has been experiencing a transition from labour intensive and transitional methods into a more industrialised and competitive sector. Rice
Rice
Rice is the seed of the monocot plants Oryza sativa or Oryza glaberrima . As a cereal grain, it is the most important staple food for a large part of the world's human population, especially in East Asia, Southeast Asia, South Asia, the Middle East, and the West Indies...
is the country's most important crop; Thailand is the #1 exporter in the world rice market. Other agricultural commodities produced in significant amounts include fish
Fish
Fish are a paraphyletic group of organisms that consist of all gill-bearing aquatic vertebrate animals that lack limbs with digits. Included in this definition are the living hagfish, lampreys, and cartilaginous and bony fish, as well as various extinct related groups...
and fishery products, tapioca
Tapioca
Tapioca is a starch extracted Manihot esculenta. This species, native to the Amazon, Brazil, Colombia, Venezuela, Cuba, Puerto Rico, Haiti, the Dominican Republic, Honduras, and most of the West Indies, is now cultivated worldwide and has many names, including cassava, manioc, aipim,...
, rubber
Rubber
Natural rubber, also called India rubber or caoutchouc, is an elastomer that was originally derived from latex, a milky colloid produced by some plants. The plants would be ‘tapped’, that is, an incision made into the bark of the tree and the sticky, milk colored latex sap collected and refined...
, grain
Cereal
Cereals are grasses cultivated for the edible components of their grain , composed of the endosperm, germ, and bran...
, and sugar
Sugar
Sugar is a class of edible crystalline carbohydrates, mainly sucrose, lactose, and fructose, characterized by a sweet flavor.Sucrose in its refined form primarily comes from sugar cane and sugar beet...
. Exports of processed foods such as canned tuna
Tuna
Tuna is a salt water fish from the family Scombridae, mostly in the genus Thunnus. Tuna are fast swimmers, and some species are capable of speeds of . Unlike most fish, which have white flesh, the muscle tissue of tuna ranges from pink to dark red. The red coloration derives from myoglobin, an...
, pineapple
Pineapple
Pineapple is the common name for a tropical plant and its edible fruit, which is actually a multiple fruit consisting of coalesced berries. It was given the name pineapple due to its resemblance to a pine cone. The pineapple is by far the most economically important plant in the Bromeliaceae...
s, and frozen shrimp
Shrimp
Shrimp are swimming, decapod crustaceans classified in the infraorder Caridea, found widely around the world in both fresh and salt water. Adult shrimp are filter feeding benthic animals living close to the bottom. They can live in schools and can swim rapidly backwards. Shrimp are an important...
are on the rise.
Thailand's increasingly diversified manufacturing sector made the largest contribution to growth during the economic boom. Industries registering rapid increases in production included computers and electronics, garments and footwear, furniture, wood products, canned food, toys, plastic products, gems, and jewelry. High-technology products such as integrated circuits and parts, electrical appliances, and vehicles are now leading Thailand's strong growth in exports.
Agriculture, forestry, and fishing
Developments in agriculture since the 1960s, have supported Thailand's transition to a industrialised economy. As recently as 1980 agriculture represented 70% of employment. In 2008 agriculture, forestry, and fishing contributed only 8.4% percent to GDP and even in rural areas farm jobs represent only half of employment. Thailand is the world's leading exporter of riceRice in Thailand
Rice production in Thailand represents a significant portion of the Thai economy and labor force.Thailand has a strong tradition of rice production. It has the fifth-largest amount of land under rice cultivation in the world and is the world's largest exporter of rice...
and a major exporter of shrimp. Other crops include coconuts, corn, rubber, soybeans, sugarcane and tapioca.
In 1985 Thailand officially designated 25 percent of the nation's land area for protected forests and 15 percent for timber production. Protected forests have been set aside for conservation and recreation, while production forests are available for the forestry industry. Between 1992 and 2001, exports of logs and sawn timber increased from 50,000 cubic meters to 2 million cubic meters per year.
The regional avian flu outbreak led to a contraction of Thailand's agricultural sector during 2004, and the tsunami disaster of December 26, 2004, devastated the west coast fisheries industry. In 2005 and 2006 agricultural GDP was stated to have contracted by 10 percent.
Thailand is the world's second largest exporter of gypsum after Canada, even though government policy limits gypsum exports to prevent price cuts. In 2003 Thailand produced more than 40 types of minerals with an annual value of about US$740 million. However, more than 80 percent of these minerals were consumed domestically.
In September 2003, in order to encourage foreign investment in the mining industry, the government relaxed severe restrictions on mining by foreign companies and reduced mineral royalties payable to the state.
Industry and manufacturing
Thailand is becoming a center of automobile manufacturing for the Association of Southeast Asian Nations (ASEAN) market. By 2004 automobile production had reached 930,000 units, more than twice as much as in 2001. Two automakers active in Thailand are Toyota and Ford. The expansion of the automotive industry has led to a boom in domestic steel production.
Thailand's electronics industry faces competition from Malaysia and Singapore, while its textile industry faces competition from China and Vietnam. But now according to the World Journal
World Journal
World Journal is a daily Chinese language newspaper serving overseas Chinese in North America. The newspaper has its headquarters in Whitestone, Queens, New York City....
reported that the Thai Textile Association president Chung SHA said that although the global economic downturn, but the emerging markets leading role and the Thai-Japanese free trade agreement (FTA) signed, with Thai exports of textiles and garments for good.
Energy
In 2004 Thailand's total energy consumption was estimated at 3.4 quadrillion British thermal units, representing about 0.7 percent of total world energy consumption. Thailand is a net importer of oil and natural gas, but the government is promoting the use of ethanol to reduce imports of petroleum and the gasoline additive methyl tertiary butyl ether.In 2005 daily oil consumption of 838000 oilbbl/d exceeded domestic production of 306000 oilbbl/d. Thailand's four oil refineries have a combined capacity of 703100 oilbbl/d. Thailand's government is considering establishing a regional oil processing and transportation hub, serving the needs of south-central China. In 2004 natural gas consumption of 1055 Gcuft exceeded domestic production of 790 Gcuft.
Also in 2004, estimated coal consumption of 30.4 million short tons exceeded coal production of 22.1 million short tons. As of January 2007, proven oil reserves totaled 290 Moilbbl, and proven natural gas reserves were 14.8 Tcuft. In 2003 recoverable coal reserves totaled 1,492.5 million short tons.
In 2005 Thailand consumed about 117.7 billion kilowatt-hours of electricity. Electricity consumption rose by 4.7 percent in 2006 to 133 billion kilowatt-hours. According to the state electricity utility, the Electricity Generating Authority of Thailand
Electricity Generating Authority of Thailand
The Electricity Generating Authority of Thailand , , is a state enterprise that owns and manages the majority of Thailand's electricity generation capacity, as well as the nation's transmission network.EGAT is managed by the Ministry of Energy....
, power consumption by residential consumers has been increasing because of more favorable rates given to residential customers over the industry and business sectors. Thailand's state-controlled electric utility and petroleum monopolies are undergoing restructuring.
Services
In 2007 the services sector, which ranges from tourism to banking and finance, contributed 44.7% of gross domestic product and employed 37 percent of the workforce.Tourism
Tourism makes a larger contribution to Thailand's economy (typically about 6 percent of gross domestic product) than that of any other Asian nation. Most tourists come to Thailand for various reasons—mostly for the beaches and relaxation, although with the ongoing insurgency in the deep South, Bangkok has seen a large increase in tourism over the past years.Also, a sharp increase in tourism from other Asian countries has contributed largely to Thailand's economy even though the Baht has gained strength compared to most other currencies in the past two years. In 2007 some 14 million tourists visited Thailand. The Thai tourism industry includes a thriving sex industry. Successive Thai governments, however, continue to neglect sex workers rights under labor laws that persist in the criminalization of sex workers, allowing corrupt authorities and employers to exploit sex-workers' labor.
The easing of the monetary crisis
Subprime mortgage crisis
The U.S. subprime mortgage crisis was one of the first indicators of the late-2000s financial crisis, characterized by a rise in subprime mortgage delinquencies and foreclosures, and the resulting decline of securities backed by said mortgages....
, the renewed vigorous growth of the Chinese economy
Economy of the People's Republic of China
The People's Republic of China ranks since 2010 as the world's second largest economy after the United States. It has been the world's fastest-growing major economy, with consistent growth rates of around 10% over the past 30 years. China is also the largest exporter and second largest importer of...
, the relatively stable internal political situation following the 2008–2009 Thai political crisis, and the 2009 flu pandemic
2009 flu pandemic
The 2009 flu pandemic was an influenza pandemic, and the second of the two pandemics involving H1N1 influenza virus , albeit in a new version...
having less of an impact as initially feared, have changed the tourism outlook for 2010. Thailand experienced a decrease of international visitors of 16% over the first six months of 2009 but the last four months of 2009 have seen a return of foreign tourists to Thailand with a marked increase in the months of November and December. The provisional numbers for 2009 have now been revised upwards to close to 14 million international visitors, which is a decrease of only 4% compared to 2008.
Banking and finances
Dangerous levels of nonperforming assets at Thai banks helped trigger the attack on the Thai baht by currency speculators that led to the Asian financial crisis in 1997–1998. By 2003 nonperforming assets had been cut in half to about 30 percent.Despite a return to profitability, however, Thailand's banks continue to struggle with the legacy of the financial crisis in the form of unrealized losses and inadequate capital. Therefore, the government is considering various reforms, including establishing an integrated financial regulatory agency that would free up the Bank of Thailand
Bank of Thailand
- History :The Bank of Thailand was first set up as the Thai National Banking Bureau. The Bank of Thailand Act was promulgated on 28 April 1942 vesting upon the Bank of Thailand the responsibility for all central banking functions...
to focus on monetary policy.
In addition, the Thai government is attempting to strengthen the financial sector through the consolidation of commercial, state-owned, and foreign-owned institutions. Specifically, the government's Financial Sector Reform Master Plan, which was first introduced in early 2004, provides tax breaks to financial institutions that engage in mergers and acquisitions.
The reform program has been deemed successful by outside experts. In 2007, there were three state-owned commercial banks and five state-owned specialized banks, 15 Thai commercial banks, and 17 foreign banks in Thailand.
The Bank of Thailand sought to stem the flow of foreign funds into the country in December 2006. This led within one day to the largest drop in stock prices on the Stock Exchange of Thailand
Stock Exchange of Thailand
The Stock Exchange of Thailand is the national stock exchange of Thailand. It is located in Bangkok. As of 31 December 2007, the Stock Exchange of Thailand had 541 listed companies with a combined market capitalization of $280 billion. The indices of the stock exchange are SET Index, SET50 Index...
since the 1997 Asian Financial Crisis. The massive selling by foreign investors amounted more than US$708 million.
Labor
Thailand's labor force was estimated at 36.9 million in 2007. About 49% were employed in agriculture, 37% in services, and 14% in industry. In 2005 women constituted 48 percent of the labor force and held an increasing share of professional jobs. Less than 4% of the workforce is unionized, but 11% of industrial workers and 50% of state enterprise employees are unionized.Although laws applying to private-sector workers' rights to form and join trade unions were unaffected by the September 19, 2006, military coup and its aftermath, workers who participate in union activities continue to have inadequate legal protection. According to the U.S. Department of State, union workers are inadequately protected. Thailand's unemployment rate lies at 1.5% percent of the labor force.
External trade
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
. While Thailand's traditional major markets have been North America
North America
North America is a continent wholly within the Northern Hemisphere and almost wholly within the Western Hemisphere. It is also considered a northern subcontinent of the Americas...
, Japan
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
, and Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
, economic recovery among Thailand's regional trading partners has helped Thai export growth.
Recovery from the financial crisis depended heavily on increased exports to the rest of Asia
Asia
Asia is the world's largest and most populous continent, located primarily in the eastern and northern hemispheres. It covers 8.7% of the Earth's total surface area and with approximately 3.879 billion people, it hosts 60% of the world's current human population...
and the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
. Since 2005, the rapid ramp-up in export of automobiles of Japanese makes (esp. Toyota, Nissan, Isuzu) has helped to dramatically improve the trade balance, with over 1 million cars produced annually since then. As such, Thailand has joined the ranks of the world's top ten automobile exporting nations.
Machinery and parts, vehicles, electronic integrated circuits, chemicals
Chemical industry
The chemical industry comprises the companies that produce industrial chemicals. Central to the modern world economy, it converts raw materials into more than 70,000 different products.-Products:...
, crude oil and fuels, and iron
Iron
Iron is a chemical element with the symbol Fe and atomic number 26. It is a metal in the first transition series. It is the most common element forming the planet Earth as a whole, forming much of Earth's outer and inner core. It is the fourth most common element in the Earth's crust...
and steel
Steel
Steel is an alloy that consists mostly of iron and has a carbon content between 0.2% and 2.1% by weight, depending on the grade. Carbon is the most common alloying material for iron, but various other alloying elements are used, such as manganese, chromium, vanadium, and tungsten...
are among Thailand's principal imports. The recent increase in import levels reflects the need to fuel the production of high-technology items and vehicles.
Thailand is a member of the World Trade Organization
World Trade Organization
The World Trade Organization is an organization that intends to supervise and liberalize international trade. The organization officially commenced on January 1, 1995 under the Marrakech Agreement, replacing the General Agreement on Tariffs and Trade , which commenced in 1948...
(WTO) and the Cairns Group of agricultural exporters. Thailand is part of the ASEAN Free Trade Area
ASEAN Free Trade Area
ASEAN Free Trade Area is a trade bloc agreement by the Association of Southeast Asian Nations supporting local manufacturing in all ASEAN countries....
(AFTA). Thailand has actively pursued free trade agreements. A China-Thailand Free Trade Agreement (FTA) commenced in October 2003. This agreement was limited to agricultural products, with a more comprehensive FTA to be agreed upon by 2010. Thailand also has a limited Free Trade Agreement with India, which commenced in 2003; and a comprehensive Australia-Thailand Free Trade Agreement which started 1 January 2005.
Thailand started free trade negotiations with Japan in February 2004, and an in-principle agreement was agreed in September 2005. Negotiations for a US-Thailand Free Trade Agreement are underway, with the fifth round of meetings held in November 2005.
Tourism contributes significantly to the Thai economy, and the industry has benefited from the Thai baht
Thai baht
The baht is the currency of Thailand. It is subdivided into 100 satang . The issuance of currency is the responsibility of the Bank of Thailand.-History:The baht, like the pound, originated from a traditional unit of mass...
's depreciation
Depreciation
Depreciation refers to two very different but related concepts:# the decrease in value of assets , and# the allocation of the cost of assets to periods in which the assets are used ....
and Thailand's stability. Tourist arrivals in 2002 (10.9 million) reflected a 7.3% increase from the previous year (10.1 million in 2001).
Bangkok
Bangkok
Bangkok is the capital and largest urban area city in Thailand. It is known in Thai as Krung Thep Maha Nakhon or simply Krung Thep , meaning "city of angels." The full name of Bangkok is Krung Thep Mahanakhon Amon Rattanakosin Mahintharayutthaya Mahadilok Phop Noppharat Ratchathani Burirom...
is one of the most prosperous parts of Thailand, and heavily dominates the national economy, with the infertile northeast being the poorest. An overriding concern of successive Thai Governments, and a particularly strong focus of the recently ousted Thaksin government, has been to reduce these regional disparities, which have been exacerbated by rapid economic growth in Bangkok and the financial crisis.
Although little economic investment reaches other parts of the country except for tourist zones, the government has been successful in stimulating provincial economic growth in the Eastern Seaboard of Thailand
Eastern Seaboard of Thailand
The Eastern Seaboard of Thailand is an emerging economic region, and plays a key role in Thailand's economy. Its importance lies in the fact that it is Thailand's center for export oriented industries. High value goods, such as Japanese branded automobiles, which are manufactured there and...
, and the Chiang Mai
Chiang Mai
Chiang Mai sometimes written as "Chiengmai" or "Chiangmai", is the largest and most culturally significant city in northern Thailand. It is the capital of Chiang Mai Province , a former capital of the Kingdom of Lanna and was the tributary Kingdom of Chiang Mai from 1774 until 1939. It is...
area. Despite much talk of other regional developments, these 3 regions and other tourist zones still dominate the national economy.
Although the economy has demonstrated moderate positive growth since 1999, future performance depends on continued reform of the financial sector, corporate debt restructuring, attracting foreign investment, and increasing exports. Telecommunications, roadways, electricity
Electricity
Electricity is a general term encompassing a variety of phenomena resulting from the presence and flow of electric charge. These include many easily recognizable phenomena, such as lightning, static electricity, and the flow of electrical current in an electrical wire...
generation, and ports showed increasing strain during the period of sustained economic growth and may pose a future challenge. Thailand's growing shortage of engineers and skilled technical personnel may limit its future technological creativity and productivity.
Mergers & Acquisitions
Between 1997 and 2010, 4'306 mergers & acquisitionsMergers and acquisitions
Mergers and acquisitions refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling, dividing and combining of different companies and similar entities that can help an enterprise grow rapidly in its sector or location of origin, or a new field or...
with a total known value of 81 bil. USD with the involvement of Thai firms have been announced. The year 2010 was a new record in terms of value with 12 bil. USD of transactions. The largest transaction with involvement of Thai companies has been: PTT Chemical PCL merged with PTT Aromatics and Refining PCL valued at 3.8 bil. USD in 2011.
Other statistics
Investment (gross fixed):26.8% of GDP (2007 est.)
Household income or consumption by percentage share:
- lowest 10%: 2.7%
- highest 10%: 33.4% (2002)
Distribution of family income - Gini index:
42 (2002)
Agriculture - products:
rice, cassava (tapioca), rubber, corn, sugarcane, coconuts, soybeans
Industries:
tourism, textiles and garments, agricultural processing, beverages, tobacco, cement, light manufacturing such as jewelry, electric appliances and components, computers and parts, integrated circuits, furniture, plastics, world's second-largest tungsten producer, and third-largest tin producer
Industrial production growth rate:
5.4% (2007 est.)
Electricity:
- production: 124.6 billion kWh (2005)
- consumption: 117.7 billion kWh (2005)
- exports: 642 million kWh (2005)
- imports: 4.419 billion kWh (2005)
Electricity - production by source:
- fossil fuel: 91.3%
- hydro: 6.4%
- other: 2.4% (2001)
- nuclear: 0%
Oil:
- production: 310900 oilbbl/d (2005 est.)
- consumption: 929000 oilbbl/d (2005 est.)
- exports: 225700 oilbbl/d (2004)
- imports: 893400 oilbbl/d (2004)
- proved reserves: 291000000 bbl (46,265,302,845 l) (1 January 2006 est.)
Natural gas:
- production: 22.73 km³ (2005 est.)
- consumption: 31.23 km³ (2005 est.)
- exports: 0 m³ (2005 est.)
- imports: 8.497 km³ (2005)
- proved reserves: 400.7 km³ (1 January 2006 est.)
Current account balance:
$14.92 billion (2007 est.)
Exports - commodities:
textiles and footwear, fishery products, rice, rubber, jewelry, automobiles, computers and electrical appliances
Imports - commodities:
capital goods, intermediate goods and raw materials, consumer goods, fuels
Reserves of foreign exchange and gold:
$100 billion (February 2008)
See also
- Stock Exchange of ThailandStock Exchange of ThailandThe Stock Exchange of Thailand is the national stock exchange of Thailand. It is located in Bangkok. As of 31 December 2007, the Stock Exchange of Thailand had 541 listed companies with a combined market capitalization of $280 billion. The indices of the stock exchange are SET Index, SET50 Index...
- List of shopping malls in Thailand
- Foreign aid to ThailandForeign aid to ThailandForeign Aid to Thailand On July 31, 2003, Thailand repaid its outstanding obligations under a standby arrangement made with the International Monetary Fund designed to help it recover from the 1997 Asian Financial Crisis...