Thailand Economic Analysis Essay
Thailand's economy is defined by more than a decade of continuous and rapid economic growth starting in 1985, followed by a brutal recession that started near the end of 1997. During the boom years, economic growth averaged more than 7 percent annually, one of the highest rates in the world. Many different factors added to the rapid growth of Thailand's economy; low wages, policy reforms that opened the economy more to trade, and careful economic management resulted in low inflation and a stable exchange rate. These factors encouraged domestic savings and investment and made the Thai economy an ideal host for foreign investment. As industry expanded, many Thai people who previously had worked in agriculture began to work …show more content…
v. Ethnic groups: Thai 75%, Chinese 14%, other 11%
III. ECONOMIC STATISTICS AND ACTIVITY: 1 Thai Baht = 0.0273059164 U.S. dollars
a. Gross domestic product
i. TOTAL: 7104.2 billions of Baht ii. RATE OF GROWTH: 4.4%
b. Personal income per capita: 66,037.1 millions of Baht
c. Average Family Income: 7,015 Baht/month
d. Distribution of Wealth: Ten percent of the Thailand population is still below the poverty line.
e. Minerals and resources: The natural resources for Thailand include: tin, rubber, natural gas, tungsten, tantalum, timber, lead, gypsum, lignite, fluorite, and arable land.
f. Transportation: The modes of surface transportation for Thailand include: pipelines for transporting natural gas, railways, roadways, and waterways. The availability for the different modes is:
i. Pipelines for transporting natural gas: 3,112 km ii. Pipelines for transporting refined products: 265 km iii. Railways: 4, 071 km iv. Roadways: 57,403 km
v. Waterways: 4,000 km vi. The major ports in Thailand are Bangkok, Laem Chabang, Prachuap Port, and Si Racha.
g. Communication Systems: The types of communication systems in use are main line telephones, cellular phones, radio broadcast, television broadcast, and the internet. Their availability and usage rates in 2005 and