ECONOMY. Thailand has a business-friendly market financial system pushed by sturdy overseas funding and export-oriented manufacturing, notably in electronics, meals and automotive. Thai exports symbolize 60% of the nation’s GDP. Thailand skilled sturdy financial development previous to the 1997 Asian financial disaster with GDP development averaging 9.4% per 12 months. Nevertheless, the disaster has damage Thai companies and seen the worth of the Thai baht fall by greater than 50% in opposition to the US greenback. Because the disaster, the financial system has developed on a development trajectory.
Thailand’s GDP was US$163.5 billion with a GDP per capita of US$2,537 in 2004. Thailand’s GDP grew at a mean of 4.6% per 12 months from 2000 to 2004, pushed primarily by exports of high-tech merchandise, primarily electronics. Inflation remained beneath 2.0% from 2000 to 2003 however elevated to 2.8% in 2004. Nevertheless, unemployment confirmed a downward pattern from 3.6% in 2000 to 1.8% in 2004.
Nearly 60% of Thailand’s workforce is concerned within the agricultural trade however contributed solely 9.8% of the nation’s GDP in 2004. The service trade contributed 46.1% of Thailand’s GDP and manufacturing at 44.1% over the interval. Main industries embody tourism, electronics, textiles and attire, processed meals, drinks, agricultural merchandise, jewellery, furnishings, plastics, automobiles and automobile components, and tungsten mining and tin. The primary agricultural merchandise are rice, tapioca, rubber, corn, sugar cane, coconut, soybeans and milk.
DEMOGRAPHY. Ethnic Thais make up 75% of Thailand’s 65 million individuals, and 11% are Chinese language or Sino-Thai who’ve assimilated into Thai tradition or come from intermarriage. Minorities embody the Malays who lived largely in southern Thailand and make up 4% of the inhabitants. Others embody Mon, Lao, Khmer, Puan and Karen minorities and immigrants from India. Practically 95% of the nation’s inhabitants are Buddhists whereas Malays in Thailand are predominantly Muslim. Thai is the nationwide language whereas languages utilized by minorities embody Malay, Isan and Khmer. Faculties train English however proficiency is low and customarily the educated elite have a greater command of the language.
Nearly all of Thailand’s inhabitants nonetheless lives in rural communities though the proportion of the city inhabitants is growing. Thailand’s city inhabitants grew from 22% of the entire inhabitants in 2000 to 31% in 2004. Thailand’s capital and main metropolis, Bangkok, has almost 8% of the nation’s whole inhabitants. Different main cities are Nonthaburi, Pak Kret, Hat Yai, Nakhon Ratchasima, Chiang Mai and Udon Thani.
Thailand succeeded in lowering the extent of poverty from 27% in 1990 to 10% in 2004. The proportion of the categorized inhabitants belonging to low earnings family is estimated at 60% whereas center and excessive earnings households account for 30% . The common family earnings in Bangkok is twice the nationwide common.
INFRASTRUCTURE. Telecommunications companies to most of the people are usually enough. Broadband Web companies are primarily concentrated in Bangkok. Cities and villages are properly linked by roads however lack tremendous highways linking Thai cities and main cities. Main cities are served by airports and properly served by buses and the rail system.
INTERNATIONAL EXCHANGE. Thailand’s important buying and selling companions are Japan, america, China, Hong Kong, Singapore, Malaysia and Taiwan. Thailand’s important exports embody electronics, automobiles and automobile components, textiles, clothes, footwear, seafood, processed meals, rice, rubber, jewellery, electrical home equipment, together with computer systems. Main imports embody equipment and gear, uncooked supplies and completed merchandise, shopper items and fuels.
CONSUMER USE OF TECHNOLOGY. There have been almost 17.3 million mounted telephones put in in 2004, representing a penetration of 40% of all Thai properties with telephones. Cell phone penetration has elevated from simply 7% of the inhabitants in 2001 to 42% or 27 million cellphones in 2004. Laptop penetration remains to be low however has elevated from 5.1% of households in 2001 to virtually 12% in 2004. The variety of Web customers reached round 8 million in 2004, however most Web customers are concentrated in Bangkok and the most important cities. Family tv penetration is 93%, indicating that many low-income households have a tv.
RETAIL MARKET. The retail trade in Thailand totaled roughly US$24.5 billion in 2004. There are almost 300,000 conventional “mother and pop” shops in Thailand, accounting for 65% of whole retail gross sales. Nevertheless, there are 4,500 trendy retail institutions (hypermarkets, supermarkets, department shops and comfort shops) accounting for 35% of whole retail gross sales. Most trendy retail institutions are positioned in Bangkok. Purchasing at trendy retail institutions is turning into more and more in style, and extra institutions are anticipated within the close to future.
FOOD CULTURE. Rice is the staple meals, however whereas these in central and southern Thailand favor aromatic white rice, these in northern Thailand favor the sticky selection. Thai dishes are usually scorching and spicy, however meals from the northern area are usually milder. Thais are much less adaptable to western meals although they may afford it in comparison with customers in Singapore and Malaysia. Nevertheless, chain bakeries and cafes are gaining recognition with younger professionals who’ve tailored to Western tradition.