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Thailand Economy 1996
Thailand's economy recovered rapidly from the political unrest in May 1992
to post an impressive 7.5% growth rate for the year, 7.8% in 1993, and 8% in
1994. One of the more advanced developing countries in Asia, Thailand
depends on exports of manufactures and the development of the service sector
to fuel the country's rapid growth. Much of Thailand's recent imports have
been for capital equipment, suggesting that the export sector is poised for
further growth. With foreign investment slowing, Bangkok is working to
increase the generation of domestic capital. Prime Minister CHUAN's
government - Thailand's fifth government in less than three years - is
pledged to continue Bangkok's probusiness policies, and the return of a
democratically elected government has improved business confidence. Even so,
CHUAN must overcome divisions within his ruling coalition to complete much
needed infrastructure development programs if Thailand is to remain an
attractive place for business investment. Over the longer-term, Bangkok must
produce more college graduates with technical training and upgrade workers'
skills to continue its rapid economic development.
GDP - purchasing power parity - $355.2 billion (1994 est.)
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National product real growth rate:
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National product per capita:
-
Inflation rate (consumer prices):
$28.4 billion, including capital expenditures of $9.6 billion (FY94/95 est.)
$46 billion (f.o.b., 1994 est.)
machinery and manufactures 83%, agricultural products and fisheries 16%,
others 1% (1994 est.)
US 22%, Japan 17%, Singapore 12%, Hong Kong 5%, Germany 4% (1993)
$52.6 billion (c.i.f., 1994 est.)
capital goods 44%, intermediate goods and raw materials 37%, consumer goods
16%, other 3% (1994 est.)
Japan 30%, US 12%, Singapore 6%, Germany 5%, Taiwan 5% (1993)
$64.3 billion (1994 est.)
growth rate 11.5% (1993 est.); accounts for about 26% of GDP
tourism is the largest source of foreign exchange; textiles and garments,
agricultural processing, beverages, tobacco, cement, light manufacturing,
such as jewelry; electric appliances and components, integrated circuits,
furniture, plastics; world's second-largest tungsten producer and
third-largest tin producer
accounts for 11% of GDP and 62% of labor force; leading producer and
exporter of rice and cassava (tapioca); other crops - rubber, corn,
sugarcane, coconuts, soybeans; except for wheat, self-sufficient in food
a minor producer of opium and marijuana; major illicit transit point for
heroin, particularly from Burma and Laos, for the international drug market;
eradication efforts have reduced the area of cannabis cultivation and
shifted some production to neighboring countries; opium poppy cultivation
has been reduced by eradication efforts; also a major drug money laundering
center; rapidly growing role in amphetamine production for regional
consumption; increasing indigenous abuse of heroin and cocaine
US commitments, including Ex-Im (FY70-89), $870 million; Western (non-US)
countries, ODA and OOF bilateral commitments (1970-89), $8.6 billion; OPEC
bilateral aid (1979-89), $19 million
baht (B) per US$1 - 25.074 (January 1995), 25.150 (1994), 25.319 (1993),
25.400 (1992), 25.517 (1991), 25.585 (1990)
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