Home
Economy of Thailand - Page 2 PDF Print E-mail
Written by Administrator   
Friday, 08 July 2011 16:49
Article Index
Economy of Thailand
Page 2
All Pages

Thailand has a GDP worth 8.5 trillion Baht (on a purchasing power parity (PPP) basis), or US$627 billion (PPP). This classifies Thailand as the 2nd 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 according to GDP per capita, after Singapore, Brunei and Malaysia.

It 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.

Between 1997 and 2010, 4'306 mergers & acquisitions 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.

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. Between 1962 and 1983, the agricultural sector grew by 4.1% on average a year and continued to grow at 2.2% between 1983 and 2007. However, the relative contribution of agriculture to GDP has declined while exports of goods and services have increased.

Tourism revenues are on the rise. With the instability surrounding the recent coup and the military rule, however, the GDP growth of Thailand has settled at around 4-5% from previous highs of 5-7% under the previous civilian administration, as investor and consumer confidence has been degraded somewhat due to political uncertainty.

The incumbent elected civilian administration under Samak Sundaravej in power from January 29 to September 9, 2008 stated that the economy will have grown by 5.5% to 6% by the end of 2008. Due to rising oil and food prices, the annual inflation rate for 2008 shot up to 9.2% in July; a 10-year high.



Last Updated on Friday, 08 July 2011 18:09