Economy of Thailand
Overview
With a well-developed infrastructure, a free-enterprise economy, and pro-investment policies, Thailand appears to have fully recovered from the 1997-98 Asian Financial Crisis. The country was one of East Asia's best performers from 2002-04. Boosted by increased consumption and strong export growth, the Thai economy grew 6.9% in 2003 and 6.1% in 2004 despite a sluggish global economy.
Bangkok has pursued preferential trade agreements with a variety of partners in an effort to boost exports and to maintain high growth. In late December 2004, a major tsunami took 8,500 lives in Thailand and caused massive destruction of property in the southern provinces of Krabi, Phangnga, and Phuket.
In 2006, investment stagnated as investors, spooked by the Thaksin administration's political problems, stayed on the sidelines. The military coup in September brought in a new economic team led by the former central bank governor. In December, the Thai Board of Investment reported the value of investment applications from January to November had declined by 27% year-on-year. On the positive side, exports have performed at record levels, rising nearly 17% in 2006. Export-oriented manufacturing - in particular automobile production - and farm output are driving these gains.
GDP
Real Growth Rate
5%
Per Capita
USD 9,200
From Agriculture
11%
From Industry
45%
From Services
45%
Labour Force
Available for Work
36
Working in Agriculture
49%
Working in Industry
14%
Working in Services
37%
Unemployment Rate
0%
Population Below Poverty Line
10%
Inflation Rate
5%
Investment as Percent of GDP
29%
Budget
Revenues
USD 38,740 (m)
Expenditures
USD 36,610 (m)
Public Debt
US$ 41.20 (m)
Agricultural Products
Rice, cassava (tapioca), rubber, corn, sugarcane, coconuts and soybeans.
Core Industries
Tourism, textiles and garments, agricultural processing, beverages, tobacco, cement, light manufacturing such as jewelry and electric appliances, computers and parts, integrated circuits, furniture, plastics, automobiles and automotive parts.
Exports
Value
USD 128,200 (m)
Commodities
Textiles and footwear, fishery products, rice, rubber, jewelry, automobiles, computers and electrical appliances.
Partners
US 15%, Japan 12.7%, China 9%, Singapore 6.4%, Hong Kong 5.5%, Malaysia 5.1% (2006).
Imports
Value
USD 113,400 (m)
Commodities
Capital goods, intermediate goods and raw materials, consumer goods and fuels.
Partners
Japan 20.1%, China 10.6%, US 6.7%, Malaysia 6.6%, UAE 5.6%, Singapore 4.5% (2006)
External Debt
USD Unknown (m)
Fiscal Year
1 October - 30 September
