Economic overview Thailand, in 36 editions.

Thailand, one of the more advanced developing countries in Asia, enjoyed its second straight exceptionally prosperous a year of 9% growth in 1989. Real output again rose about 11%. 1990, although down from the double-digit rates of 1987-89. The increasingly sophisticated manufacturing sector benefited from export-oriented investment, and agriculture grew by 4.0% but the agricultural sector contracted 2%, primarily because of improved weather. weaker demand in Thailand's major overseas markets for commodities such as rice. The trade deficit of $5.2 billion was more than offset by almost doubled in 1990, to $9 billion, but earnings from tourism ($3.9 ($4.7 billion), remittances, and net capital inflows. inflows helped keep the balance of payments in surplus. The government has followed a fairly sound fiscal and monetary policy, policies, aided by increased tax receipts from the fast-moving economy. In 1989 1990 the government approved new projects--roads, ports, electric power, communications--needed projects--especially for telecommunications and roads--needed to refurbish the country's now overtaxed infrastructure. Although growth in 1990-91 must necessarily fall below the 1988-89 pace, 1991 will slow further, Thailand's immediate economic outlook is remains good, assuming the continuation of prudent government policies in the context wake of a private-sector-oriented development strategy. the 23 February 1991 military coup.

Thailand, one of the more advanced developing countries in Asia, enjoyed a
year of 9% 8% growth in 1990, 1991, although down from the double-digit rates an annual average of 1987-89. 11%
growth between 1987 and 1990. The increasingly sophisticated manufacturing
sector benefited from export-oriented investment, but investment. The manufacturing and
service sectors have accounted for the lion's share of economic growth.
Thailand's traditional agricultural sector contracted 2%, primarily because of weaker demand continued to become less
important to the overall economy in Thailand's major overseas markets for commodities such as rice. 1991. The trade deficit almost doubled continued to
increase in 1990, 1991, to $9 billion, but $11 billion; earnings from tourism ($4.7 billion), remittances, and net capital inflows helped keep the balance remittances grew
marginally as a result of payments in surplus. the Gulf War; and Thailand's import bill grew,
especially for manufactures and oil. The government has followed fairly
sound fiscal and monetary policies, aided policies. Aided by increased tax receipts from the
fast-moving economy. In 1990 the economy; Bangkok recorded its fourth consecutive budget surplus
in 1991. The government approved is moving ahead with new projects--especially projects - especially for telecommunications
telecommunications, roads, and roads--needed port facilities - needed to refurbish the
country's now overtaxed infrastructure. Although growth Political unrest and the military's
shooting of antigovernment demonstrators in 1991 will slow further, May 1992 have caused
international businessmen to question Thailand's political stability.
Thailand's general economic outlook remains good, however, assuming the
continuation of prudent government policies in the wake of the 23 February 1991 military coup. government's progrowth measures.

Thailand's economy recovered rapidly from the political unrest in May 1992
1992 to post an impressive 7% 7.5% growth rate for the year. Thailand, one year and 7.8% in
1993. One of the more
advanced developing countries in Asia, Thailand
depends on exports of manufactures
and the development of the service
sector to fuel the country's rapid
growth. The trade and current
account deficits fell in 1992; much of
Thailand's recent imports have
been for capital equipment suggesting that
the export sector is poised
for further growth. With foreign investment
slowing, Bangkok is
working to increase the generation of capital
domestically. domestic capital. Prime Minister
CHUAN's government - Thailand's fifth
government in less than two
years - is pledged to continue Bangkok's
probusiness policies, and the
return of a democratically elected government
has improved business
confidence. Nevertheless, CHUAN must overcome
divisions within his
ruling coalition to complete much needed infrastructure
development
programs if Thailand is to remain an attractive place for
business
investment. Over the longer-term, Bangkok must produce more college
graduates with technical training and upgrade workers' skills to continue
continue its rapid economic development.

Thailand's economy recovered rapidly from the political
unrest in May
1992 to post an impressive 7.5% growth rate for the year and
year, 7.8% in
1993. 1993, and 8% in 1994. One of the more advanced
developing countries in Asia, Thailand
depends on exports of
manufactures and the development of the service
sector to fuel the
country's rapid growth. The trade and current
account deficits fell in 1992; much Much of Thailand's recent imports have
been
for capital equipment equipment, suggesting that the export sector is poised
for
further growth. With foreign investment slowing, Bangkok is
working to
increase the generation of domestic capital. Prime Minister
CHUAN's
government - Thailand's fifth government in less than two
three years - is
pledged to continue Bangkok's probusiness policies, and the
return of
a democratically elected government has improved business
confidence. Nevertheless,
Even so, CHUAN must overcome divisions within his
ruling coalition to
complete much needed infrastructure development
programs if Thailand
is to remain an attractive place for business
investment. Over the
longer-term, Bangkok must produce more college
graduates with
technical training and upgrade workers' skills to
continue its rapid
economic development.

Thailand's economy recovered rapidly from the political
unrest in May 1992 to post an impressive 7.5% growth rate for the
year, 7.8% in 1993, and 8% in 1994. One of the more advanced
developing countries
in Asia, Thailand depends on exports of
manufactures - including
high-technology goods - and the development of the service sector to
fuel the
country's rapid growth. Much growth, averaging 9% since 1989. Most of
Thailand's recent imports have been
for capital equipment, suggesting that the export sector equipment and raw
materials, although imports of consumer goods are beginning to rise.
Thailand's 35% domestic savings rate is poised a key source of capital for
further growth. With foreign investment slowing, Bangkok the economy, and the country is working to also benefiting from rising
increase the generation of domestic capital. investment from abroad. Prime Minister CHUAN's
BANHAN's government -
Thailand's fifth sixth government in less than three five years - is undoubtedly will
pledged to continue Bangkok's probusiness policies, and the return of policies despite some concerns that
a democratically elected government has improved business confidence. it is relaxing Bangkok's traditional fiscal austerity. BANHAN is
Even so, CHUAN must overcome divisions within his ruling coalition beginning to
complete much needed address Thailand's serious infrastructure development programs if Thailand bottlenecks,
is to remain an attractive place for business investment. especially in the transport and telecommunications sectors. Over the
longer-term, longer term, Bangkok must produce more college graduates with
technical training and upgrade workers' skills to continue its rapid
economic development.

One of the more advanced developing countries
in
Asia, Thailand depends on exports of manufactures - including
high-technology goods - and the development of the service sector to
fuel the country's rapid growth, averaging 9% since 1989. Most of
Thailand's recent imports have been for capital equipment and raw
materials, although imports of consumer goods are beginning to rise.
Thailand's 35% domestic savings rate is a key source of capital for
the economy, and the country is also benefiting from rising
investment
from abroad. Prime Minister BANHAN's CHAWALIT's government -
Thailand's sixth seventh
government in five six years - undoubtedly will
continue Bangkok's probusiness policies despite some concerns that
it is relaxing and reemphasize Bangkok's traditional fiscal austerity. BANHAN CHAWALIT is
beginning to address Thailand's serious infrastructure bottlenecks,
especially in the transport and telecommunications sectors. Over the
longer term, Bangkok must produce more college graduates with
technical training and upgrade workers' skills to continue its rapid
economic development.

After enjoying the world's highest growth rate from 1985 to 1995 - averaging almost 9% annually - increased speculative pressure on Thailand's currency in 1997 led to a crisis that uncovered financial sector weaknesses and forced the government to float the baht. Long pegged at 25 to the dollar, the baht reached its lowest point of 56 to the dollar in January 1998 and the economy contracted by nearly 10% 10.2% that same year. Thailand entered a recovery stage in 1999; preliminary estimates are that the economy expanded by 1999, expanding 4.2% and grew about 4% the same amount in 2000, largely due to strong exports - most forecasters expect similar growth which increased about 20% in 2000. Beginning in 1999 the baht stabilized and inflation An ailing financial sector and interest rates began coming down. The CHUAN government has cooperated closely with the IMF and adhered to its mandated recovery program, including passage of new bankruptcy and foreclosure laws. The regional recovery boosted exports, while fiscal stimulus buoyed domestic demand. While slow progress has been made in recapitalizing the financial sector, tough measures - such as implementing pace of corporate debt restructuring, combined with a privatization plan and forcing the private sector softening of global demand, is likely to restructure - remain undone. slow growth in 2001.

After enjoying the world's highest growth rate from 1985 to 1995 - averaging almost 9% annually - increased speculative pressure on Thailand's currency in 1997 led to a crisis that uncovered financial sector weaknesses and forced the government to float the baht. Long pegged at 25 to the dollar, the baht reached its lowest point of 56 to the dollar in January 1998 and the economy contracted by 10.2% that same year. Thailand entered a recovery stage in 1999, expanding 4.2% and grew about the same amount 4.4% in 2000, largely due to strong exports - which increased about 20% in 2000. An ailing financial sector and the slow pace of corporate debt restructuring, combined with a softening of global demand, is likely to slow however, slowed growth in 2001. 2001 to 1.4%.

Thailand has a free enterprise economy and welcomes foreign investment. Exports feature computers and electrical appliances. After enjoying the world's highest growth rate from 1985 to 1995 - averaging almost 9% annually - increased speculative pressure on Thailand's currency in 1997 led to a crisis that uncovered financial sector weaknesses and forced the government to float the baht. Long pegged at 25 to the dollar, the baht reached its lowest point of 56 to the dollar in January 1998 1998, and the economy contracted by 10.2% that same year. Thailand then entered a recovery stage in 1999, stage, expanding by 4.2% in 1999 and grew 4.4% in 2000, largely due to strong exports - which increased about 20% in 2000. exports. An ailing financial sector and the slow pace of corporate debt restructuring, combined with a softening of global demand, however, slowed growth to 1.4% in 2001 2001. Increased consumption and investment spending pushed GDP growth up to 1.4%. 5.2% in 2002 despite a sluggish global economy.

Thailand has a well developed infrastructure, a free-enterprise economy economy, and welcomes foreign investment. Exports feature textiles and footwear, fishery products, rice, rubber, jewelry, automobiles, computers and electrical appliances. Thailand has fully recovered from the 1997-98 Asian Financial Crisis and was one of East Asia's best performers in 2002. 2002-04. Increased consumption and investment spending and strong export growth pushed GDP growth up to 6.3% 6.9% in 2003 and 6.1% in 2004 despite a sluggish global economy. The highly popular government has pushed an government's expansionist policy, including major support of village economic development. development, has raised concerns about fiscal discipline and the health of financial institutions. Bangkok has pursued preferential trade agreements with a variety of partners in an effort to boost exports and maintain high growth, and in 2004 began negotiations on a Free Trade Agreement with the US. 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.

Thailand has With a well developed well-developed infrastructure, a free-enterprise economy, and welcomes foreign investment. pro-investment policies, Thailand has appears to have fully recovered from the 1997-98 Asian Financial Crisis and Crisis. The country was one of East Asia's best performers in 2002-04. Increased Boosted by increased consumption and investment spending and strong export growth pushed GDP growth up to growth, the Thai economy grew 6.9% in 2003 and 6.1% in 2004 despite a sluggish global economy. The highly popular government's expansionist policy, including major support of village economic development, has raised concerns about fiscal discipline and the health of financial institutions. Bangkok has pursued preferential trade agreements with a variety of partners in an effort to boost exports and to maintain high growth, growth. In 2004, Thailand and in 2004 the US began negotiations on a Free Trade Agreement with the US. Agreement. 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. Growth slowed to 4.4% in 2005. The downturn can be attributed to high oil prices, weaker demand from Western markets, severe drought in rural regions, tsunami-related declines in tourism, and lower consumer confidence. Moreover, the THAKSIN administration's expansionist economic policies, including plans for multi-billion-dollar mega-projects in infrastructure and social development, has raised concerns about fiscal discipline and the health of financial institutions. On the positive side, the Thai economy performed well beginning in the third quarter of 2005. Export-oriented manufacturing - in particular automobile production - and farm output are driving these gains. In 2006, the economy should benefit from an influx of investment and a revived tourism sector; however, a possible avian flu epidemic could significantly harm economic prospects throughout the region.

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 in 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 2004, Thailand and the US began negotiations on a Free Trade Agreement. 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. Growth slowed to 4.4% in 2005. The downturn can be attributed to high oil prices, weaker demand from Western markets, severe drought in rural regions, tsunami-related declines in tourism, and lower consumer confidence. Moreover, In 2006, investment stagnated as investors, spooked by the THAKSIN administration's expansionist economic policies, including plans for multi-billion-dollar mega-projects political problems, stayed on the sidelines. The military coup in infrastructure and social development, has raised concerns about fiscal discipline and September brought in a new economic team led by the health former central bank governor. In December, the Thai Board of financial institutions. Investment reported the value of investment applications from January to November had declined by 27% year-on-year. On the positive side, the Thai economy exports have performed well beginning at record levels, rising nearly 17% in the third quarter of 2005. 2006. Export-oriented manufacturing - in particular automobile production - and farm output are driving these gains. In 2006, the economy should benefit from an influx of investment and a revived tourism sector; however, a possible avian flu epidemic could significantly harm economic prospects throughout the region.

With a well-developed infrastructure, a free-enterprise economy, and generally 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% 4.5% in 2004 despite a sluggish global economy. 2007. 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 By 2007, the southern provinces of Krabi, Phangnga, and Phuket. In 2006, investment stagnated as investors, spooked by tourism sector had largely recovered from the THAKSIN administration's political problems, stayed on major 2004 tsunami. Following the sidelines. The military coup in September brought in a new economic team led by the former central bank governor. In December, 2006, investment and consumer confidence stagnated due to the Thai Board of Investment reported uncertain political climate that lasted through the value December 2007 elections. Foreign investor sentiment was further tempered by a 30% reserve requirement on capital inflows instituted in December 2006, and discussion of investment applications from January amending Thailand's rules governing foreign-owned businesses. Economic growth in 2007 was due almost entirely to November had declined by 27% year-on-year. On robust export performance - despite the positive side, exports pressure of an appreciating currency. Exports have performed at record levels, rising nearly 17% in 2006. 2006 and 12% in 2007. Export-oriented manufacturing - in particular automobile production - and farm output are driving these gains.

With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2008 2007 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.2%. In 2010, Thailand's economy expanded 7.6%, its fastest pace since 1995, as exports rebounded from their depressed 2009 level. Antigovernment protests during March-May and the country's polarized political situation had - at most - a temporary impact on business and consumer confidence. Although tourism was hit hard during the protests, its quick recovery helped boost consumer confidence to new highs. Moreover, business and investor sentiment remained buoyant as Thailand's stock market grew almost 5% during the three-month period. The economy probably will continue to experience high grow well into 2011.

With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities commodities, automobiles and parts, and processed foods. Bangkok Thailand is trying to maintain growth by encouraging domestic consumption and public investment. investment to offset weak exports in 2012. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million migrant workers from neighboring countries. Bangkok The Thai government is implementing a nation-wide 300 baht ($10) per day minimum wage policy and deploying new tax reforms designed to lower rates on middle-income earners. The Thai economy has weathered internal and external economic shocks in recent years. The global economic crisis severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. However, in 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded. In late 2011 growth was interrupted by historic flooding in the industrial areas north of Bangkok, in Bangkok and its five surrounding provinces, crippling the manufacturing sector. Industry recovered from the second quarter of 2012 onward and with GDP expanded 5.8% growth at 5.5% in 2012. The government has invested in approved flood mitigation projects worth $11.7 billion, which were started in 2012, to prevent similar economic damage. damage, and an additional $75 billion for infrastructure over the next seven years with a plan to start in 2013.

With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Thailand is trying to maintain growth by encouraging domestic consumption and public investment to offset weak exports in 2012. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million migrant workers from neighboring countries. The Thai government is implementing in 2013 implemented a nation-wide 300 baht ($10) per day minimum wage policy and deploying deployed new tax reforms designed to lower rates on middle-income earners. The Thai economy has weathered internal and external economic shocks in recent years. The global economic crisis recession severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. However, in 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded. In late 2011 growth Thailand's recovery was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. Industry recovered from the second quarter of 2012 onward with GDP growth at 5.5% in 2012. The government has approved flood mitigation projects worth $11.7 billion, which were started in 2012, to prevent similar economic damage, and an additional $75 billion for infrastructure over the next following seven years with a plan years. This was expected to start lead to an economic upsurge but growth has remained slow, in 2013. part due to ongoing political unrest and resulting uncertainties. Spending on infrastructure will require re-approval once a new government is seated.

With a well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies policies, Thailand has historically has had a strong economy due economy, but it experienced slow growth in part to competitive industrial 2013-15 as a result of domestic political turmoil and agriculture sluggish global demand, which curbed Thailand’s traditionally strong exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. The economy experienced slow growth and declining exports in 2014, in part due to domestic political turmoil and sluggish global demand. With full employment, Thailand attracts an estimated 2-4 million migrant workers from neighboring countries, and faces labor shortages. Following the May 2014 coup d’état, d'etat, tourism decreased 6-7% but is beginning to recover. The household debt to GDP ratio is over 80%. Thai baht depreciated more than 8% during 2015.
Thailand faces labor shortages, and has attracted an estimated 2-4 million migrant workers from neighboring countries. The Thai government Government in 2013 implemented a nation-wide nationwide 300 baht ($10) (roughly $10) per day minimum wage policy and deployed new tax reforms designed to lower rates on middle-income earners. The Thai baht has remained stable. household debt to GDP ratio is over 80%.

With a relatively well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies, Thailand is highly dependent on international trade, with exports accounting for about two-thirds of GDP. Thailand’s exports include electronics, agricultural commodities, automobiles and parts, and processed foods. The industry and service sectors produce about 90% of GDP. The agricultural sector, comprised mostly of small-scale farms, contributes only 10% of GDP but employs about one-third of the labor force. Thailand has attracted an estimated 3.0-4.5 million migrant workers, mostly from neighboring countries.
Over the last few decades, Thailand has sustained strong growth and has reduced poverty substantially. In 2013, the Thai Government implemented a nationwide 300 baht (roughly $10) per day minimum wage policy and deployed new tax reforms designed to lower rates on middle-income earners.
Growth has slowed in Thailand’s economy is recovering from slow growth during the last few years, however, due to domestic political turmoil and sluggish global demand. Nevertheless, years since the 2014 coup. Thailand’s economic fundamentals are sound, with low inflation, low unemployment, and reasonable public and external debt levels. Tourism and government spending - mostly on infrastructure and short-term stimulus measures – have helped to boost the economy, and The Bank of Thailand has been supportive, with several interest rate reductions.
Over the longer-term, Thailand faces labor shortages, and domestic household debt levels, political uncertainty, and an aging population pose risks to growth.

With a relatively well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies, Thailand is highly dependent on international trade, with exports accounting for about two-thirds two thirds of GDP. Thailand’s exports include electronics, agricultural commodities, automobiles and parts, and processed foods. The industry and service sectors produce about 90% of GDP. The agricultural sector, comprised mostly of small-scale farms, contributes only 10% of GDP but employs about one-third one third of the labor force. Thailand has attracted an estimated 3.0-4.5 million migrant workers, mostly from neighboring countries. Over the last few decades, Thailand has reduced poverty substantially. In 2013, the Thai Government implemented a nationwide 300 baht (roughly $10) per day minimum wage policy and deployed new tax reforms designed to lower rates on middle-income earners. Thailand’s economy is recovering from slow growth during the years since the 2014 coup. Thailand’s economic fundamentals are sound, with low inflation, low unemployment, and reasonable public and external debt levels. Tourism and government spending - mostly on infrastructure and short-term stimulus measures – have helped to boost the economy, and The Bank of Thailand has been supportive, with several interest rate reductions. Over the longer-term, household debt levels, political uncertainty, and an aging population pose risks to growth.

With a relatively well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies, Thailand is highly dependent on international trade, with exports accounting for about two thirds of GDP. Thailand’s exports include electronics, agricultural commodities, automobiles and parts, and processed foods. The industry and service sectors produce about 90% of GDP. The agricultural sector, comprised mostly of small-scale farms, contributes only 10% of GDP but employs about one third of the labor force. Thailand has attracted an estimated 3.0-4.5 million migrant workers, mostly from neighboring countries.
Over the last few decades, Thailand has reduced poverty substantially. In 2013, the Thai Government implemented a nationwide 300 baht (roughly $10) per day minimum wage policy and deployed new tax reforms designed to lower rates on middle-income earners.
Thailand’s economy is recovering from slow growth during the years since the 2014 coup. Thailand’s economic fundamentals are sound, with low inflation, low unemployment, and reasonable public and external debt levels. Tourism and government spending - mostly on infrastructure and short-term stimulus measures – have helped to boost the economy, and The Bank of Thailand has been supportive, with several interest rate reductions.
Over the longer-term, household debt levels, political uncertainty, and an aging population pose risks to growth.