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Economy of Thailand
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Economy of Thailand
The economy of Thailand is dependent on exports, which accounted for about 58 percent of the country's gross domestic product (GDP) in 2021. Thailand itself is a newly industrialized country, with a GDP of 17.922 trillion baht (US$514.8 billion) in 2023, the 9th largest economy in Asia. As of 2018, Thailand has an average inflation of 1.06% and an account surplus of 7.5% of the country's GDP. Its currency, the baht, is ranked as the tenth most frequently used world payment currency in 2017.
The industrial and service sectors are the main sectors in the Thai gross domestic product, with the former accounting for 39.2 percent of GDP. Thailand's agricultural sector produces 8.4 percent of GDP—lower than the trade and logistics and communication sectors, which account for 13.4 percent and 9.8 percent of GDP respectively. The construction and mining sector adds 4.3 percent to the country's gross domestic product. Other service sectors (including the financial, education, and hotel and restaurant sectors) account for 24.9 percent of the country's GDP. Telecommunications and trade in services are emerging as centers of industrial expansion and economic competitiveness.
Thailand is the second-largest economy in Southeast Asia, after Indonesia. Its per capita GDP 255,362 baht (US$7,336) in 2023 ranks fourth in Southeast Asian per capita GDP, after Singapore, Brunei, and Malaysia. In July 2018, Thailand held US$237.5 billion in international reserves, the second-largest in Southeast Asia (after Singapore). Its surplus in the current account balance ranks tenth of the world, made US$37.898 billion to the country in 2018. Thailand ranks second in Southeast Asia in external trade volume, after Singapore.
The nation is recognized by the World Bank as "one of the great development success stories" in social and development indicators. Despite a per capita gross national income (GNI) of US$7,090 and ranking 66th in the Human Development Index (HDI), the percentage of people below the national poverty line decreased from 65.26 percent in 1988 to 8.61 percent in 2016, according to the Office of the National Economic and Social Development Council's (NESDC) new poverty baseline.
Thailand is one of the countries with the lowest unemployment rates in the world, reported as one percent for the first quarter of 2014. This is due to a large proportion of the population working in subsistence agriculture or on other vulnerable employment (own-account work and unpaid family work).
The Kingdom of Thailand's FY2017 budget was 2.733 trillion baht.
In May 2018, the Thai Cabinet approved a FY2019 budget of three trillion baht, up 3.4 percent—100 billion baht—from FY2018. Annual revenue is projected to reach 2.55 trillion baht, up 4.1 percent, or 100 billion baht. Overall, the national budget will face a deficit of 450 billion baht. The cabinet also approved a budget deficit until 2022 in order to drive the economy to a growth of 3.5–4.5 percent a year.
Thailand, formerly known as Siam, opened to foreign contact in the pre-industrial era. The diverse natural resources of Siam were underutilized. However, coastal ports and cities at the river mouths were early economic centers which welcomed merchants from Persia, Arab countries, Chinese dynasties and various kingdoms in South and Southeast Asia. The rise of Ayutthaya during the 14th century was connected to renewed maritime trade with China, India and Southeast Asia. Ayutthaya became one of the most prosperous trade centers in Asia. However, the Burmese–Siamese War (1765–1767) caused immense economic harm with trade disruption and the eventual destruction of Ayutthaya in 1767.
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Economy of Thailand
The economy of Thailand is dependent on exports, which accounted for about 58 percent of the country's gross domestic product (GDP) in 2021. Thailand itself is a newly industrialized country, with a GDP of 17.922 trillion baht (US$514.8 billion) in 2023, the 9th largest economy in Asia. As of 2018, Thailand has an average inflation of 1.06% and an account surplus of 7.5% of the country's GDP. Its currency, the baht, is ranked as the tenth most frequently used world payment currency in 2017.
The industrial and service sectors are the main sectors in the Thai gross domestic product, with the former accounting for 39.2 percent of GDP. Thailand's agricultural sector produces 8.4 percent of GDP—lower than the trade and logistics and communication sectors, which account for 13.4 percent and 9.8 percent of GDP respectively. The construction and mining sector adds 4.3 percent to the country's gross domestic product. Other service sectors (including the financial, education, and hotel and restaurant sectors) account for 24.9 percent of the country's GDP. Telecommunications and trade in services are emerging as centers of industrial expansion and economic competitiveness.
Thailand is the second-largest economy in Southeast Asia, after Indonesia. Its per capita GDP 255,362 baht (US$7,336) in 2023 ranks fourth in Southeast Asian per capita GDP, after Singapore, Brunei, and Malaysia. In July 2018, Thailand held US$237.5 billion in international reserves, the second-largest in Southeast Asia (after Singapore). Its surplus in the current account balance ranks tenth of the world, made US$37.898 billion to the country in 2018. Thailand ranks second in Southeast Asia in external trade volume, after Singapore.
The nation is recognized by the World Bank as "one of the great development success stories" in social and development indicators. Despite a per capita gross national income (GNI) of US$7,090 and ranking 66th in the Human Development Index (HDI), the percentage of people below the national poverty line decreased from 65.26 percent in 1988 to 8.61 percent in 2016, according to the Office of the National Economic and Social Development Council's (NESDC) new poverty baseline.
Thailand is one of the countries with the lowest unemployment rates in the world, reported as one percent for the first quarter of 2014. This is due to a large proportion of the population working in subsistence agriculture or on other vulnerable employment (own-account work and unpaid family work).
The Kingdom of Thailand's FY2017 budget was 2.733 trillion baht.
In May 2018, the Thai Cabinet approved a FY2019 budget of three trillion baht, up 3.4 percent—100 billion baht—from FY2018. Annual revenue is projected to reach 2.55 trillion baht, up 4.1 percent, or 100 billion baht. Overall, the national budget will face a deficit of 450 billion baht. The cabinet also approved a budget deficit until 2022 in order to drive the economy to a growth of 3.5–4.5 percent a year.
Thailand, formerly known as Siam, opened to foreign contact in the pre-industrial era. The diverse natural resources of Siam were underutilized. However, coastal ports and cities at the river mouths were early economic centers which welcomed merchants from Persia, Arab countries, Chinese dynasties and various kingdoms in South and Southeast Asia. The rise of Ayutthaya during the 14th century was connected to renewed maritime trade with China, India and Southeast Asia. Ayutthaya became one of the most prosperous trade centers in Asia. However, the Burmese–Siamese War (1765–1767) caused immense economic harm with trade disruption and the eventual destruction of Ayutthaya in 1767.
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