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The economy of Thailand is dependent on exports, which accounted in 2021 for about 58 per cent of the country's gross domestic product (GDP). Thailand itself is a newly industrialized country, with a GDP of 17.367 trillion baht (US$495 billion) in 2022, the 9th largest economy in Asia.
- Thailand
Thailand is an emerging economy and is considered a newly...
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- Thailand
Oct 1, 2020 · The economy of Thailand is dependent on exports, which accounted in 2021 for about 58 per cent of the country's gross domestic product (GDP). Thailand itself is a newly industrialized country, with a GDP of 17.367 trillion baht (US$495 billion) in 2022, the 9th largest economy in Asia.
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- Overview of The Economy of Thailand
- Main Industries of Thailand
- Primary Exports and Export Partners of Thailand
- Chief Imports and Import Partners of Thailand
- Challenges to The Economy of Thailand
- Future Plans
Thailand’s fiscal year runs from October 1st to September 30th the following year. Its nominal GDP in 2016 was estimated at $404.824 billion ranking 32nd in the world. In 2016, the country ranked 22nd in the world by Purchasing Power Parity which was $1.108 trillion. The country’s GDP recorded a growth rate of 0.8% in 2014, 2.8% in 2015, 2.5% in 20...
The Automobiles and automotive parts industry dominate the industrial sector at 11%. The rest of the industries include financial services, garments and textiles, electronics, tourism, plastics, computers and accessories, cement, plastics, and furniture. The agricultural sector is dominated by produce such as rice, corn, sugarcane, coconuts, and ru...
Thailand’s exports were valued at $214.37 billion in 2015. These exports included rice, garments and textiles, computers, integrated circuits, footwear, automobiles, refined petroleum, rubber, and fishery products. The United States imports 11.2% of Thailand’s exports followed by China, Hong Kong, Japan, Malaysia, Vietnam, and Australia.
The country’s imports in 2015 were valued at $202.65 billion. The principal imports are crude and refined petroleum, integrated circuits, capital and intermediate goods, gold, and consumer goods. Thailand’s major importers are China (20.3%), Japan (15.4%), US (6.9%), Malaysia (5.9%), and the UAE (4.0%).
Income inequality and corruption are major concerns in Thailand. Although poverty levels have been on a downward trajectory in the country, the North, Northeast, and the Deep South rural communities have been subjected to disproportional levels of poverty. Continuous political instability and a ‘coup culture’ has reduced investor confidence in the ...
Thailand unveiled a strategic 20-year plan in 2016 to propel the country to developed status. The plan sets the guidelines for reforming existing industries as well as stimulating others, boosting tourism and external trade, reducing government bureaucracies, and implementing infrastructure.
Thailand’s economy grew at an average annual rate of 7.5% in the boom years of 1960-1996 and 5% during 1999-2005 following the Asian Financial Crisis. This growth created millions of jobs that helped pull millions of people out of poverty.
Thailand made impressive economic and social progress over the past decades, thanks to its strong policy framework, friendly business climate, and attention to citizens’ well-being. However, the COVID-19 crisis has interrupted this progress, and a severe recession will occur in 2020, like in most other countries.
