GDP Thailand Per Capita: Country Recognised as a Development Success Story

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Thailand Economy
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Thailand Economy - Overview

• Thailands economy is the 21st largest economy
  globally in terms of Purchasing Power Parity, the
  7th largest in Asia-Pacific and the
  second-largest economy in Southeast Asia (SEA),
  behind Indonesia.
• The country has a population of about 70 million
  and a labour force of 33 million. Despite a per
  capita GDP of around 7,000, Thailand has been
  able to reduce poverty which stood at 58 in 1990
  to 6.8 in 2020 owing to structural
  transformation and rapid growth. 

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Thailand - GDP

• The GDP of the 7th largest economy in
  Asia-Pacific, grew an average of 9.5 per year
  between 1987 and 1996, while growth slowed to an
  average of 3.9 during 20002014. In 2020,
  Thailands economy registered a massive 6.2 GDP
  contraction, due to multiple waves of Covid-19.
• To boost the economy from the pandemic led
  downturn, overall four economic stimulus measures
  were introduced by the government in 2021.
  Thailands economy expanded 1.6 in 2021 and 2.6
  in 2022. The International Monetary Fund (IMF) in
  its last revision, expects Thailands GDP to grow
  by 3.7 in 2023.

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Thailand - GDP
(Source IMF WEO Update January 2023)
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Currency and Central Bank

• The baht is Thailands official currency and is
  divided into 100 satangs. In 2018, Bloomberg
  referred to the Thai baht as the worlds
  best-performing currency.
• Since August 2022, the BOT has raised its key
  interest rate by a total of 75 basis points in
  three meetings (as of December 2022).
• The central bank stated that it will continue to
  raise rates until the economy reaches its full
  potential and inflation returns to its target of
  1 to 3.

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Industry and Trade

• The Thailand economy is categorized into three
  sectors agriculture, industry, and services.
• The agricultural sector employs 49 of the
  countrys labour force but only contributes 8 of
  the GDP. With the surge of goods and services
  exports from Thailand, agricultures GDP
  contribution is on the decline. 

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Industry and Trade

• Thailands industrial sector comprises 33.4 of
  the GDP and provides jobs to 22.5 of the total
  workforce.
• Thailands service sector comprises 58 of GDP.
  40 million foreign tourists visited Thailand in
  2019, providing 20 of total employment and
  contributing to 11 of GDP. But the pandemic
  caused tremendous setbacks to the industry, as
  the country saw only around 430.000 tourists in
  2021, a drop from 6.7 million in 2020.  
• However, the gradual reopening has resulted in an
  increase in international arrivals in 2022, which
  reached 4.4 million at the end of August.

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Stock Exchanges

• The Stock Exchange of Thailand or SET is the sole
  stock exchange in the country and is considered
  the second-largest stock exchange in ASEAN in
  terms of market capitalisation. Furthermore,
  Thailands IPO market is one of the strongest in
  Asia. The primary stock indices used for SET are
  the SET50 Index and the SET100 Index.

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