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Economy :

Thailand’s economy remains export-dependent, with exports accounting for 60% of a GDP that stood at roughly THB 7.7 trillion (approximately USD 270 billion) as of 2008. This positions the economy of Thailand as the 2nd largest in Southeast Asia, after Indonesia, a distinction it has held for many years.

Thailand’s exports, worth approximately USD180 billion per annum, consist primarily of agricultural products, including fish and rice, the latter of which Thailand is the largest exporter of in the world, as well as textiles, rubber, automobiles, jewelry, and computers/electronic appliances. With the seventh lowest unemployment rate in the world, and only 10% of the population living below the poverty line, Thailand is a relatively economically developed nation. However, while one of the premier tourist destinations in the world, the Thai economy only receives around 7% of its GDP from international tourism revenue, a figure which is nonetheless a substantial 550 billion Baht (nearly USD 16 billion).

Most of Thailand's labor force is working in agriculture. However, the relative contribution of agriculture to GDP has declined while exports of goods and services have increased.

Tourism revenues are on the rise. With the instability surrounding the recent coup and the military rule, however, the GDP growth of Thailand has settled at around 4-5% from previous highs of 5-7% under the previous civilian administration, as investor and consumer confidence has been degraded somewhat due to political uncertainty.

The incumbent elected civilian administration under Samak Sundaravej in power from January 29 to September 9, 2008 stated that the economy will have grown by 5.5% to 6% by the end of 2008. Due to rising oil and food prices, the annual inflation rate for 2008 shot up to 9.2% in July; a 10-year high, but it will unlikely reach double digit rates later this year as oil and food prices are stabilizing

Thailand generally uses the metric system but traditional units of measurement for land area are used, and imperial measure (feet, inches etc.) are occasionally used with building materials such as wood and plumbing sizes. Years are numbered as B.E. (Buddhist Era) in education, the civil service, government, and on contracts and newspaper datelines; in banking, however, and increasingly in industry and commerce, standard Western year (Christian or Common Era) counting prevails.

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Recommends Area

Pattaya Guide
Pattaya is 147 kilometres southeast of Bangkok facing the Gulf of Thailand. It is Asia’s prime tourist destination drawing family, couple and single visitors to experience its enticing nature as well as vibrant ambience it has to offer. Different parts of Pattaya offer distinguished atmospheres to suit a wide range of preferences. Family travellers may prefer a quiet atmosphere of Jomtien. Worldly known as entertainment city, Pattaya offers a variety of vibrant nightlife for fun-loving visitors with a number of nightclubs, bars, pubs and shows in South Pattaya and something in between will also find the likes easily here. Accommodation ranges widely from 5-star hotels to easy-going guesthouses located throughout the town. Myriads of sports and activities on land, in water or even in the sky are available including golf, fishing, jet ski, kite surfing, and paragliding. Sightseeing opportunities are plentiful such as museum, theatre, gardens, zoos, amusement parks and many more.