Economic Background Of Thailand

Topics: Economics, Unemployment, Economy Pages: 2 (326 words) Published: March 23, 2015
Chapter 1: Economic Background
1.1Economic background of Thailand
In the decade that ended in 1995, Thailand sustained strong growth and successfully reduced the poverty. Unfortunately, Thailand undergoes Asian financial crisis in the year 1997 to 1998. However, Thailand starts to recover from the crisis in the year 2002 to 2007 and enjoyed solid growth averaging about 5% annually. Due to the global financial crisis happened in the year 2008 to 2009, the economy of Thailand contracted again and thus cut down the quantity of export. Nonetheless, Thailand's economic activities slowly rebounded after the crisis and the government predicts that the economy will grow 5.5 and 6.5% in this year.

In the year 2011, Thailand's labor force is 39.62 million, about 40.7% in agriculture, 13.2% in industry and 46.1% in services. In 2005 women constituted 48 percent of the labor force and held an increasing share of professional jobs. The unemployment rate for the year is 0.7% while the inflation rate is 3.8%.

The natural resources that can be obtained in Thailand are in, rubber, natural gas, tungsten, tantalum, timber, lead, fish, gypsum, lignite and fluorite. The products of agriculture include rice, tapioca, rubber, corn, sugarcane, coconuts and soybeans. There are many different types of industry in Thailand too. For example, tourism, textiles, garments, agricultural processing, cement, integrated circuits, jewelry, electronics, petrochemical, and auto assembly.

The major markets for export are ASEAN countries, Europe, China, United States., Japan and Hong Kong. The products are automatic data processing machines and parts, automobiles and parts, precious stones and jewelry, refined fuels, rubber, electronic integrated circuits, polymers of ethylene and propylene, rice, rubber products and chemical products. While Thailand import crude oil, machinery and parts, electrical machinery and parts, chemicals, iron and steel and their products, electrical circuits...
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