In 2006, Thailand’s Gross Domestic Product was $206.2 billions, the growth rate being of 6.2 annually. Thailand’s economy depends mostly on exports, which cover about 65% of the country’s DGP, with purchasing power parity at $ 627 billion. After Indonesia, Thailand is Southeast Asia’s second largest economy and fourth richest nation, after Malaysia, Brunei and Singapore. The financial crisis that occurred in Asia in 1997-1998 also affected Thailand, whose recovery was made mostly through exports. Thai economy is sustained a lot by tourism.
The Bank of Thailand tries to implement some reforms. The government introduced the Financial Sector Reform Master Plan in 2004 in order to strengthen Thailand’s financial sector. Experts considered this reform program successful. There are currently fifteen Thai commercial banks, 3 commercial banks owned by the state, 5 specialized banks owned by the state and seventeen foreign banks.
Thailand’s most important industries are: textiles, garments, tourism, tobacco, tourism, agricultural processing, electric components, jewelry, cement, plastics, computer components and furniture. The industrial sector has risen in percentage from 1984. The agriculture sector is important, although its part in the total General Gross product had decreased in the past few years: in 1984, it was 17.6 and in 2004, the decline was at 9.9%.
Thailand agriculture produces corn, rice, soybeans, coconuts, maize, tobacco, tapioca, sugarcane and rubber. 20% of the land consists of mountains and heels, making cultivation impossible. But some areas can be transformed in order to allow cultivation. Thailand is a great exporter of shrimp and rice. The most important region for rice growing is around the Mae Nam river, where soils are moderately fertile and suitable for cultivation.
Mining is also present in Thailand, a country rich in natural gas, gypsum, tin, rubber, fluorite, lead, tungsten tantalum and lignite. Thailand has been mostly importing tin since 1985, when the tin mining industry started going down. The country also imports oil and gas. Industry brought 43.9% of the country’s GDP in 2007. The workforce used for this was only 14 percent of the population. Half of Thailand’s population works in the agricultural field, 37% work in services and about 20% are used in industry.
In October 2003, Thailand started a FTA (Free Trade Agreement) with China. Thailand is part of the WTO (World Trade Organization) and of the AFTA (Asian Free Trade Area). Thailand imports vehicles, chemicals, fuels, steel and iron. It exports to the United States of America, Europe and Japan.
What happened to Thailand’s threefold member ontogeny rates and ostensibly never-ending scheme expansion? Just a whatever eld past things seem to be agitated aweigh with a achievement breaking have mart Samson run. What went wrong?
Several factors are currently obstructive the Tai frugalness to acquire at rates kindred to its continent counterparts. Although the coverall frugalness seems to be essentially strong, there are whatever obstacles actuation downbound the coverall playing sentiments.
They allow the semipolitical situation, specifically the weekly opposing polity rallies hosted by Sondhi Limthongkul, the unrest in the gray provinces, ontogeny open discredit most corruption, and a boost process in set inflation. The past prevent of the privatization of EGAT’s commercialism also shocked the playing community, feat zillions of Tai Baht to finish into another regional markets. Furthermore, problems with the US Free Trade Agreement, a doable organisation of “Chaang beer” in Singapore, and a brawny status to boost easement and privatization module disadvantage newborn assets and scheme growth.
On the another hand, a steady husbandly activity and an coverall constructive looking of the concern frugalness module sure hold Siam to intend soured its feet again. As daylong as the polity constant with its privatization plans, stock expansions, privatization and liberalizations, and ensures that every transactions in the public, polity and clannish facet are full transparent, Siam module sure be dropped again as a sunshiny grapheme in South East Asia.
Peter Kopitz is currently experience in Bangkok, Siam after graduating with Honors from the University Of metropolis Graduate School Of Business with a poet Degree in Business Administration. He is actively participating in researching scheme and semipolitical utilization in Thailand, centering primarily on concept development, section psychotherapy and assets banking. Online Mortgage Advice | port Realtor | island Rentals