Economy of Thailand

Economy of Thailand
Rank	30th (nominal) / 23rd (PPP)
Currency	Thai baht (THB)
Fiscal year	1 October - 30 September
Trade organisations	WTO, APEC, IOR-ARC, ASEAN
Statistics
GDP	PPP: $584.768 billion (2010 est.)
GDP growth	7.8%(2010)
GDP per capita	$8,700 (PPP; 2010)
GDP by sector	agriculture (11.4%), industry (44.5%), services (44.1%) (2010 est.)
Inflation (CPI)	2.5% (2010)
Gini index	43 (2006)
Labour force	37.25 million (2008 est.)
Unemployment	1.2% (2010 est.)
Main industries	Automobiles and Automotive parts (11%), Financial Services (9%), Electric appliances and components (8%), Tourism (6%), cement, auto manufacturing, heavy and light industries, appliances, computers and parts, furniture, plastics, textiles and garments, agricultural processing, beverages, tobacco
Ease of Doing Business Rank	19th[1]
External
Exports	$195.7 billion (2010 est.)
Main export partners	Asean 20.1%, U.S. 12.6%, Japan 11.6%, the People's Republic of China 9.7%, Singapore 6.3%, Hong Kong 5.7%, Malaysia 5.1% (2007)
Imports	$181.1 billion (2010 est.)
Main import partners	Japan 20.3%, the People's Republic of China 11.6%, U.S. 6.8%, Malaysia 6.2%, UAE 4.9%, Singapore 4.5%, Taiwan 4.1%, (2007)
FDI stock	93,650,000$
Gross external debt	$67.01 billion (31 December 2008)
Public finances
Public debt	$81.6 billion (37.9% of GDP; 2007 est.)
Revenues	$75.37 billion (2010 est.)
Expenses	$73.29 billion (2010 est.)
Economic aid	None
Credit rating	Standard & Poor's:[2] A- (Domestic) BBB+ (Foreign) A (T&C Assessment) Outlook: Stable[3] Moody's:[3] Baa1 Outlook: Stable Fitch:[3] BBB Outlook: Stable
Foreign reserves	US$181.636 billion (March 2011)[4]
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars

The economy of Thailand is a newly industrialized economy. It is a heavily export-dependent economy, with exports accounting for more than two thirds of gross domestic product (GDP).

Recently, Thailand experienced GDP growth by 7.8% in 2010 making it one of the fastest growing economies in Asia and the fastest growing economy in South East Asia. The country has a GDP of 9.5 trillion Baht, or US$584 billion (PPP) making it the 24th largest economy in the world. This classifies Thailand as the second 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 by GDP per capita, after Singapore, Brunei and Malaysia. Thailand's nominal economic output as of June 2010 is $313.8 billion USD,^[5] while holding some $172 billion in foreign exchange assets which ranks 11th in world. Thailand has strong automobile industry which grew by 63% in 2010 with 1.6 million cars produced ranking it as 13th in the motor vehicle producing countries in the world. Experts predict that by the year 2015 Thailand will be one of the top 10 motor vehicle producing countries in the world.^[6]

Thailand's economy 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.

Tourism revenues are on the rise and contributing to about 6% of GDP. The GDP growth of Thailand was 8.0% in 2010, higher than previous highs of 5-7% under the previous civilian administration. Thailand enjoys high foreign investment and consumer confidence. Unemployment is at 1.2% as year 2010, with estimations of falling to 1% by the year 2012 therefore Thailand has one of the lowest unemployment rates in the world. Decades of economic growth reduced poverty in Thailand. Thailand enjoys one of the lowest poverty rates in Asia. In 2010, Thailand, along with Japan, South Korea, Taiwan, Brunei and Malaysia were the only countries in Asia with less than 2% of the country's total population living under $1.25 per day.

Due to rising oil and food prices, the annual inflation rate for 2010 shot up to 3.5% in July, but it will unlikely reach higher rates as oil and food prices are stabilizing and Thailand is receiving high foreign reserves and capital investment.

Contents 1 History 1.1 Pre-modern 1.2 Early Modern 1.3 Modern time 2 Macro-economic trend 3 Industries 3.1 Agriculture, forestry, and fishing 3.2 Industry and manufacturing 3.3 Energy 3.4 Services 3.4.1 Tourism 3.4.2 Banking and finances 4 Labor 5 External trade 6 Mergers & Acquisitions 7 Other statistics 8 See also 9 Notes 10 External links

History

Pre-modern

Before the modern time, Thailand or, known as Siam, opened to foreign contact. Despite the scarcity of sources, the ports and cities on the coast and at the river mouth were among the early economic centers, welcoming the foreign merchants from Persia, Arab countries, India and China. The rise of Ayutthaya in the fourteenth century has been viewed as the response to 'reborn' Chinese commercial activity. Needless to say, Ayutthaya became one of the most prosperous centers of trade in Asia.

Early Modern

In the nineteenth century, when the capital of the kingdom moved to Bangkok, the foreign trade, particularly with China, became the focus of the government. Chinese merchants came to trade, yet some settled down and received the official positions. Numbers of Chinese merchants and migrants became high dignitaries in the court. On the other hand, European merchants became active from the mid-nineteenth century. The Bowring Treaty signed in 1855, guaranteed the privileges of British traders. Bangkok became one of the most important trading centers in East Asia.

However, the domestic market slowly developed. Some academics suggest that because of the control of serfs was the root of the domestic stagnation. Most of male population in Siam were in service of court officials while their wives and daughters might do some small-scale trade in local markets. Moreover many who were indebted, became 'slaves'. Siam eventually lacked of labors and 'national' entrepreneurs. Rama V thus abolished serfdom and slaves status in 1901 and 1905 respectively.

From early twentieth century to the end of World War II, economy of Thailand gradually became a part of global system. Major entrepreneurs were ethnic Chinese, who eventually became Siamese nationals. Export of agricultural products, especially rice, is the most important. Thailand has been among the top of rice exporters in the world until today. However, due to the Great Depression in world economy in 1920s-1930s, economy of Thailand suffered greatly. The result culminated in the 'Revolution' in 1932, which ended the absolute rule of the Crown.

After the war and domestic turmoils, despite the military rule, Thailand economy continued to rely on foreign trade with the financial aid from the United States. New cash crops like corns, tapioca, sugar canes and rubber were among the most important exports.

Modern time

Thailand had historically been a tiger economy with average growth rates of 10.4% from 1985 to 1996. The administration under prime minister Prem Tinsulanonda in power from 1980 to 1988 began to open up the country's economy to international trade.

However, after the 1997–1998 Asian currency crisis, gigantic financial institutions crumbled, millions of people became unemployed or bankrupted. It wasn't until 2001 that Thailand regained momentum over the baht and economy.

Thailand's 23rd prime minister, businessman Thaksin took office in February 2001 with the intention of increasing domestic activity and reducing Thailand's reliance on foreign trade and investment. Since then, the Thaksin administration has refined its economic message, embracing a "dual track" economic policy that combines increased domestic activity with Thailand's traditional promotion of open markets and foreign investment.

This set of policies is popularly known as Thaksinomics. Weak export demand held 2001 GDP growth to 2.2%. In 2002/03/04, however, increased domestic activity and an export revival fueled better performance, with real GDP growth at 5.3%, 7.1% and 6.3% respectively. However, in 2005, under rising oil prices and trade deficits, severe droughts and floods, the Southern Thailand Insurgency reaching its peak, uncertainty of the future of Thaksin's government and the tourism aftershocks of the Indian Ocean Earthquake Tsunami on December 26, 2004, economic growth slumped to 4.5%.

In 2005 Thailand also had a current account deficit of -4.3% of GDP, or US$ -7.6 billion. Ever since 2006 Thailand has once again a surplus in its current account and in 2006 the economy was buoyed by strong export growth, however, the military coup d'état on September 19, 2006, which ousted the prime minister and abrogated the 1997 constitution, along with the December 2007 elections, cast uncertainty.

The present elected civilian administration under Samak Sundaravej in power since January 29, 2008 estimates that the economy will have grown by about 5.5% to 6%. The rapid growth of the industrial and financial sectors over the last decades, agriculture and tourism are not the most important sources of revenue.

Macro-economic trend

This is a chart of trend of gross domestic product of Thailand at market prices estimated by the International Monetary Fund with figures in millions of Thai Baht.

Year	Gross Domestic Product	US Dollar Exchange	Inflation Index (2007=100)	Nominal Per Capita GDP (as % of USA)	PPP Per Capita GDP (as % of USA)
1980	662,482	20.47 Baht	41	5.67	8.89
1985	1,056,496	27.15 Baht	52	4.24	9.30
1990	2,191,100	25.58 Baht	54	6.54	12.54
1995	4,186,212	24.91 Baht	68	10.17	17.12
2000	4,922,731	40.11 Baht	83	5.65	14.20
2005	6,924,273	41.02 Baht	93	8.45	16.71
2010	10,102,986	31.50 Baht	108	10.56	19.43

For purchasing power parity comparisons, the US Dollar is exchanged at 22→.34 Baht only.

Before the 1997 financial crisis, the Thai economy had years of manufacturing-led economic growth—averaging 9.4% for the decade up to 1996. Relatively abundant and inexpensive labor and natural resources, fiscal conservatism, open foreign investment policies, and encouragement of the private sector underlay the economic success in the years up to 1997.

The economy of Thailand is an advocate of the free enterprise system. Certain services, such as power generation, transportation, and communications, are state-owned and operated, but the government has considered privatizing them in the wake of the financial crisis.

The Royal Thai Government welcomes foreign investment, and investors who are willing to meet certain requirements can apply for special investment privileges through the Board of Investment. To attract additional foreign investment, the government has modified its investment regulations.

The organized labor movement remains weak and divided in Thailand; only 4% of the labor force is unionized. In 2000, the State Enterprise Labor Relations Act (SELRA) was passed, giving public sector employees similar rights to those of private sector workers, including the right to unionize.

49% of Thailand's labor force is employed in agriculture, however this is less than the 70% employed in 1980.^[7] Agriculture has been experiencing a transition from labour intensive and transitional methods into a more industrialised and competitive sector.^[7] Rice is the country's most important crop; Thailand is the #1 exporter in the world rice market. Other agricultural commodities produced in significant amounts include fish and fishery products, tapioca, rubber, grain, and sugar. Exports of processed foods such as canned tuna, pineapples, and frozen shrimp are on the rise.

Thailand's increasingly diversified manufacturing sector made the largest contribution to growth during the economic boom. Industries registering rapid increases in production included computers and electronics, garments and footwear, furniture, wood products, canned food, toys, plastic products, gems, and jewelry. High-technology products such as integrated circuits and parts, electrical appliances, and vehicles are now leading Thailand's strong growth in exports.

Industries

Agriculture, forestry, and fishing

Developments in agriculture since the 1960s, have supported Thailand's transition to a industrialised economy.^[7] As recently as 1980 agriculture represented 70% of employment.^[7] In 2008 agriculture, forestry, and fishing contributed only 8.4% percent to GDP and even in rural areas farm jobs represent only half of employment.^[7] Thailand is the world's leading exporter of rice and a major exporter of shrimp. Other crops include coconuts, corn, rubber, soybeans, sugarcane and tapioca.^[8]

In 1985 Thailand officially designated 25 percent of the nation's land area for protected forests and 15 percent for timber production. Protected forests have been set aside for conservation and recreation, while production forests are available for the forestry industry. Between 1992 and 2001, exports of logs and sawn timber increased from 50,000 cubic meters to 2 million cubic meters per year.

The regional avian flu outbreak led to a contraction of Thailand's agricultural sector during 2004, and the tsunami disaster of December 26, 2004, devastated the west coast fisheries industry. In 2005 and 2006 agricultural GDP was stated to have contracted by 10 percent.^[9]

Thailand is the world's second largest exporter of gypsum after Canada, even though government policy limits gypsum exports to prevent price cuts. In 2003 Thailand produced more than 40 types of minerals with an annual value of about US$740 million. However, more than 80 percent of these minerals were consumed domestically.

In September 2003, in order to encourage foreign investment in the mining industry, the government relaxed severe restrictions on mining by foreign companies and reduced mineral royalties payable to the state.^[9]

Industry and manufacturing

In 2007 industry contributed 43.9% of gross domestic product (GDP) but employed only 14% of the workforce. This proportion is the opposite of the one applying to agriculture. Industry expanded at an average annual rate of 3.4 percent during the 1995–2005 period. The most important subsector of industry is manufacturing, which accounted for 34.5 percent of GDP in 2004.

Thailand is becoming a center of automobile manufacturing for the Association of Southeast Asian Nations (ASEAN) market. By 2004 automobile production had reached 930,000 units, more than twice as much as in 2001. Two automakers active in Thailand are Toyota and Ford. The expansion of the automotive industry has led to a boom in domestic steel production.

Thailand's electronics industry faces competition from Malaysia and Singapore, while its textile industry faces competition from China and Vietnam.^[9] But now according to the World Journal reported that the Thai Textile Association president Chung SHA said that although the global economic downturn, but the emerging markets leading role and the Thai-Japanese free trade agreement (FTA) signed, with Thai exports of textiles and garments for good.^[10]

Energy

In 2004 Thailand's total energy consumption was estimated at 3.4 quadrillion British thermal units, representing about 0.7 percent of total world energy consumption. Thailand is a net importer of oil and natural gas, but the government is promoting the use of ethanol to reduce imports of petroleum and the gasoline additive methyl tertiary butyl ether.

In 2005 daily oil consumption of 838,000 barrels per day (133,200 m³/d) exceeded domestic production of 306,000 barrels per day (48,700 m³/d). Thailand's four oil refineries have a combined capacity of 703,100 barrels per day (111,780 m³/d). Thailand's government is considering establishing a regional oil processing and transportation hub, serving the needs of south-central China. In 2004 natural gas consumption of 1,055 billion cubic feet (2.99×10¹⁰ m³) exceeded domestic production of 790 billion cubic feet (2.2×10¹⁰ m³).

Also in 2004, estimated coal consumption of 30.4 million short tons exceeded coal production of 22.1 million short tons. As of January 2007, proven oil reserves totaled 290 million barrels (46,000,000 m³), and proven natural gas reserves were 14.8 trillion cubic feet (420 km³). In 2003 recoverable coal reserves totaled 1,492.5 million short tons.^[9]

In 2005 Thailand consumed about 117.7 billion kilowatt-hours of electricity. Electricity consumption rose by 4.7 percent in 2006 to 133 billion kilowatt-hours. According to the state electricity utility, the Electricity Generating Authority of Thailand, power consumption by residential consumers has been increasing because of more favorable rates given to residential customers over the industry and business sectors. Thailand's state-controlled electric utility and petroleum monopolies are undergoing restructuring.

Services

In 2007 the services sector, which ranges from tourism to banking and finance, contributed 44.7% of gross domestic product and employed 37 percent of the workforce.^[9]

Tourism

Tourism makes a larger contribution to Thailand's economy (typically about 6 percent of gross domestic product) than that of any other Asian nation. Most tourists come to Thailand for various reasons—mostly for the beaches and relaxation, although with the ongoing insurgency in the deep South, Bangkok has seen a large increase in tourism over the past years.

Also, a sharp increase in tourism from other Asian countries has contributed largely to Thailand's economy even though the Baht has gained strength compared to most other currencies in the past two years. In 2007 some 14 million tourists visited Thailand. The Thai tourism industry includes a thriving sex industry. Successive Thai governments, however, continue to neglect sex workers rights under labor laws that persist in the criminalization of sex workers, allowing corrupt authorities and employers to exploit sex-workers' labor.^[11]

The easing of the monetary crisis, the renewed vigorous growth of the Chinese economy, the relatively stable internal political situation following the 2008–2009 Thai political crisis, and the 2009 flu pandemic having less of an impact as initially feared, have changed the tourism outlook for 2010. Thailand experienced a decrease of international visitors of 16% over the first six months of 2009 but the last four months of 2009 have seen a return of foreign tourists to Thailand with a marked increase in the months of November and December. The provisional numbers for 2009 have now been revised upwards to close to 14 million international visitors, which is a decrease of only 4% compared to 2008.^[12]

Banking and finances

Dangerous levels of nonperforming assets at Thai banks helped trigger the attack on the Thai baht by currency speculators that led to the Asian financial crisis in 1997–1998. By 2003 nonperforming assets had been cut in half to about 30 percent.

Despite a return to profitability, however, Thailand's banks continue to struggle with the legacy of the financial crisis in the form of unrealized losses and inadequate capital. Therefore, the government is considering various reforms, including establishing an integrated financial regulatory agency that would free up the Bank of Thailand to focus on monetary policy.

In addition, the Thai government is attempting to strengthen the financial sector through the consolidation of commercial, state-owned, and foreign-owned institutions. Specifically, the government's Financial Sector Reform Master Plan, which was first introduced in early 2004, provides tax breaks to financial institutions that engage in mergers and acquisitions.

The reform program has been deemed successful by outside experts. In 2007, there were three state-owned commercial banks and five state-owned specialized banks, 15 Thai commercial banks, and 17 foreign banks in Thailand.^[9]

The Bank of Thailand sought to stem the flow of foreign funds into the country in December 2006. This led within one day to the largest drop in stock prices on the Stock Exchange of Thailand since the 1997 Asian Financial Crisis. The massive selling by foreign investors amounted more than US$708 million.^[9]

Labor

Thailand's labor force was estimated at 36.9 million in 2007. About 49% were employed in agriculture, 37% in services, and 14% in industry. In 2005 women constituted 48 percent of the labor force and held an increasing share of professional jobs. Less than 4% of the workforce is unionized, but 11% of industrial workers and 50% of state enterprise employees are unionized.

Although laws applying to private-sector workers' rights to form and join trade unions were unaffected by the September 19, 2006, military coup and its aftermath, workers who participate in union activities continue to have inadequate legal protection. According to the U.S. Department of State, union workers are inadequately protected. Thailand's unemployment rate lies at 1.5% percent of the labor force.^[9]

External trade

The United States is Thailand's largest export market and second-largest supplier after Japan. While Thailand's traditional major markets have been North America, Japan, and Europe, economic recovery among Thailand's regional trading partners has helped Thai export growth.

Recovery from the financial crisis depended heavily on increased exports to the rest of Asia and the United States. Since 2005, the rapid ramp-up in export of automobiles of Japanese makes (esp. Toyota, Nissan, Isuzu) has helped to dramatically improve the trade balance, with over 1 million cars produced annually since then. As such, Thailand has joined the ranks of the world's top ten automobile exporting nations.

Machinery and parts, vehicles, electronic integrated circuits, chemicals, crude oil and fuels, and iron and steel are among Thailand's principal imports. The recent increase in import levels reflects the need to fuel the production of high-technology items and vehicles.

Thailand is a member of the World Trade Organization (WTO) and the Cairns Group of agricultural exporters. Thailand is part of the ASEAN Free Trade Area (AFTA). Thailand has actively pursued free trade agreements. A China-Thailand Free Trade Agreement (FTA) commenced in October 2003. This agreement was limited to agricultural products, with a more comprehensive FTA to be agreed upon by 2010. Thailand also has a limited Free Trade Agreement with India, which commenced in 2003; and a comprehensive Australia-Thailand Free Trade Agreement which started 1 January 2005.

Thailand started free trade negotiations with Japan in February 2004, and an in-principle agreement was agreed in September 2005. Negotiations for a US-Thailand Free Trade Agreement are underway, with the fifth round of meetings held in November 2005.

Tourism contributes significantly to the Thai economy, and the industry has benefited from the Thai baht's depreciation and Thailand's stability. Tourist arrivals in 2002 (10.9 million) reflected a 7.3% increase from the previous year (10.1 million in 2001).

Bangkok is one of the most prosperous parts of Thailand, and heavily dominates the national economy, with the infertile northeast being the poorest. An overriding concern of successive Thai Governments, and a particularly strong focus of the recently ousted Thaksin government, has been to reduce these regional disparities, which have been exacerbated by rapid economic growth in Bangkok and the financial crisis.

Although little economic investment reaches other parts of the country except for tourist zones, the government has been successful in stimulating provincial economic growth in the Eastern Seaboard of Thailand, and the Chiang Mai area. Despite much talk of other regional developments, these 3 regions and other tourist zones still dominate the national economy.

Although the economy has demonstrated moderate positive growth since 1999, future performance depends on continued reform of the financial sector, corporate debt restructuring, attracting foreign investment, and increasing exports. Telecommunications, roadways, electricity generation, and ports showed increasing strain during the period of sustained economic growth and may pose a future challenge. Thailand's growing shortage of engineers and skilled technical personnel may limit its future technological creativity and productivity.

Mergers & Acquisitions

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.^[13] 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.^[14]

Other statistics

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Investment (gross fixed): 26.8% of GDP (2007 est.)

Household income or consumption by percentage share:

• lowest 10%: 2.7%
• highest 10%: 33.4% (2002)

Distribution of family income - Gini index: 42 (2002)

Agriculture - products: rice, cassava (tapioca), rubber, corn, sugarcane, coconuts, soybeans

Industries: tourism, textiles and garments, agricultural processing, beverages, tobacco, cement, light manufacturing such as jewelry, electric appliances and components, computers and parts, integrated circuits, furniture, plastics, world's second-largest tungsten producer, and third-largest tin producer

Industrial production growth rate: 5.4% (2007 est.)

Electricity:

• production: 124.6 billion kWh (2005)
• consumption: 117.7 billion kWh (2005)
• exports: 642 million kWh (2005)
• imports: 4.419 billion kWh (2005)

Electricity - production by source:

• fossil fuel: 91.3%
• hydro: 6.4%
• other: 2.4% (2001)
• nuclear: 0%

Oil:

• production: 310,900 bbl/d (49,430 m³/d) (2005 est.)
• consumption: 929,000 bbl/d (147,700 m³/d) (2005 est.)
• exports: 225,700 bbl/d (35,880 m³/d) (2004)
• imports: 893,400 bbl/d (142,040 m³/d) (2004)
• proved reserves: 291,000,000 bbl (46,300,000 m³) (1 January 2006 est.)

Natural gas:

• production: 22.73 km³ (2005 est.)
• consumption: 31.23 km³ (2005 est.)
• exports: 0 m³ (2005 est.)
• imports: 8.497 km³ (2005)
• proved reserves: 400.7 km³ (1 January 2006 est.)

Current account balance: $14.92 billion (2007 est.)

Exports - commodities: textiles and footwear, fishery products, rice, rubber, jewelry, automobiles, computers and electrical appliances

Imports - commodities: capital goods, intermediate goods and raw materials, consumer goods, fuels

Reserves of foreign exchange and gold: $100 billion (February 2008)

See also

• Stock Exchange of Thailand
• List of shopping malls in Thailand

• Foreign aid to Thailand

Notes

External links

• Bank of Thailand
• Thai Ministry of Finance
• Thai Ministry of Commerce
• Thailand business news

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