Thailand

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Thailand - In Short.

Overview of Thailand

Two unified Thai kingdoms emerged in the mid-13th century. The Sukhothai, located in the south-central plains, gained its independence from the Khmer empire to the east. By the late 13th century, Sukhothai’s territory extended into present-day Burma and Laos. Sukhotai lasted until the mid-15th century. The Thai Lan Na kingdom was established in the north with its capital at Chang Mai. Lan Na was conquered by the Burmese in the 16th century. The Ayutthaya kingdom (14th-18th centuries) succeeded the Sukhothai and would become known as the Siamese Kingdom. During the Ayutthaya period, the Thai/Siamese peoples consolidated their hold on what is present-day central and north-central Thailand. Following a military defeat at the hands of the Burmese in 1767, the Siamese Kingdom rose to new heights under the military ruler TAKSIN, who defeated the Burmese occupiers and expanded the kingdom’s territory into modern-day northern Thailand (formerly the Lan Na kingdom), Cambodia, Laos, and the Malay Peninsula. The kingdom fought off additional Burmese invasions and raids in the late 1700s and early 1800s. In the mid-1800s, Western pressure led to Siam signing trade treaties that reduced the country’s sovereignty and independence. In the 1890s and 1900s, the British and French forced the kingdom to cede Cambodian, Laotian, and Malay territories that had been under Siamese control. A bloodless revolution in 1932 led to the establishment of a constitutional monarchy. After the Japanese invaded Thailand in 1941, the government split into a pro-Japan faction and a pro-Ally faction backed by the king. Following the war, Thailand became a US treaty ally in 1954 after sending troops to Korea and later fighting alongside the US in Vietnam. Thailand since 2005 has experienced several rounds of political turmoil including a military coup in 2006 that ousted then Prime Minister THAKSIN Chinnawat, followed by large-scale street protests by competing political factions in 2008, 2009, and 2010. THAKSIN’s youngest sister, YINGLAK Chinnawat, in 2011 led the Puea Thai Party to an electoral win and assumed control of the government. In early May 2014, after months of large-scale anti-government protests in Bangkok beginning in November 2013, YINGLAK was removed from office by the Constitutional Court and in late May 2014 the Royal Thai Army, led by Royal Thai Army Gen. PRAYUT Chan-ocha, staged a coup against the caretaker government. The military-affiliated National Council for Peace and Order (NCPO), led by PRAYUT as the appointed minister, ruled the country for more than four years, during which time the NCPO drafted a new constitution guaranteeing military sway over Thai politics in future elections by allowing the military to appoint the entire 250 member Senate and requiring a joint meeting of the House and Senate to select the prime minister, effectively giving the military a veto over the top executive. King PHUMIPHON Adunyadet passed away in October 2016 after 70 years on the throne; his only son, WACHIRALONGKON Bodinthrathepphayawarangkun (aka King Rama X), ascended the throne in December 2016. He signed the new constitution in April 2017. A long-delayed election in March 2019, disputed and widely viewed as skewed in favor of the party aligned with the military, allowed PRAYUT to continue his premiership. The country experienced large-scale pro-democracy protests in 2020.
Value
Country Full Name
Thailand
Country Code
THA
Region
East Asia & Pacific
Income Group
Upper middle income
Currency Unit
GDP
5.02E+11
Population
69799978
Land Area
510890
Net National Income Per Capita
5721.498851
GDP per Capita (PPP)
18232.79535

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Thailand - Economic

Economy of Thailand

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.

Unemployment Rate

Inflation Rate

Thailand - GDP Composition

GDP Composiiton & Value Added of Thailand

Last Updated: Jan, 2021, Updated For 2020.

Thailand - GDP, Value Added

Demographics of Thailand

highest population density is found in and around Bangkok; significant population clusters found througout large parts of the country, particularly north and northeast of Bangkok and in the extreme southern region of the country
Geographic Location

Southeastern Asia, bordering the Andaman Sea and the Gulf of Thailand, southeast of Burma

Races

Thai 97.5%, Burmese 1.3%, other 1.1%, unspecified <.1% (2015 est.)note: data represent population by nationality

Languages

Thai (official) only 90.7%, Thai and other languages 6.4%, only other languages 2.9% (includes Malay, Burmese); note - data represent population by language(s) spoken at home; English is a secondary language of the elite (2010 est.)major-language

Religion

Buddhist 94.6%, Muslim 4.3%, Christian 1%, other <0.1%, none <0.1% (2015 est.)

Dependency & Expectancy of Thailand

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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Thailand - Social Media Briefing

Thailand - Social Media & Social Commerce

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Politics & Policies of Thailand

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

ADB, APEC, ARF, ASEAN, BIMSTEC, BIS, CD, CICA, CP, EAS, FAO, G-77, IAEA, IBRD, ICAO, ICC (national committees), ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), MIGA, NAM, OAS (observer), OIC (observer), OIF (observer), OPCW, OSCE (partner), PCA, PIF (partner), UN, UNAMID, UNCTAD, UNESCO, UNHCR, UNIDO, UNMOGIP, UNOCI, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO

Import of Thailand

Export of Thailand

Import Destination

Export Destination