Introduction for Key Aspects of Thai Economy

Introduction for Key Aspects of Thai Economy

Thailand is located in the southern-central of Indochina, an area of 513,000 square kilometers, and population of 62.5 million. It belonged to the middle-income economies of developing countries. The way of Thailand’s economic development concerned by lots of developed countries. It was not very rich in mineral resources, but it could take full advantage of rich tropical crops and other agricultural resources in the early stages of development, further development of processed agricultural products, and take the road of industrialization of agriculture. And then gradually introduce foreign investment, acceptance of foreign technology and equipment transfer, and use abroad raw materials, to produce high value household appliances, such as televisions, refrigerators, washing machines, and air conditioners. To be the major home appliances production base in abroad for Japan, Korea, Taiwan and other countries’ investors. Coupled with its play to tourism resources and vigorously develop tourism, so that Thailand rapidly developed its economy, people’s living standards rapidly increased.

Thailand was originally an agricultural country. Agriculture is the traditional main part of Thailand’s economy. As the development of the industry other than agriculture, the current agriculture is still the major economic sectors, but gradually decreased. The proportion of agriculture added in GDP in 2000 was only 9.02%. In order to quickly get into the ranks of industrialized countries, since 1961, Thai government has developed a series of principles and policies and in accordance with its national conditions and different stages of economic development in developed six five-year economic and so...

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...es to benefit Thailand’s economic recovery, in addition, the related government departments must address and explain for events that occurred as soon as possible let home and abroad understand the truth, to save Thailand’s national image. At the same time, it should actively encouraging tourism and launch promotional activities to stimulate domestic consumption. But, if the Thai domestic political atmosphere remains a serious confrontation, these measures can hardly effective. The most important thing to have stable economic development is inseparable from the national peace and social stability.

In the end, just like the website by Bangkok Post reported “The revision on the Thai economy was based on the impact of global recession and the current political uncertainty, which have hurt confidence of the business sector and diminished the domestic consumption.”