International Economics of Thailand

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International Economics
An Economic Overview of Thailand

Group: Thailand
17 December 2010
An Economic Overview of Thailand The country of Thailand is located in the southeast Asia region, south of China and immediately bordering Burma to the west, Laos to the East and Cambodia to the south. Around 65 million people inhabit Thailand with the capital and its largest city being Bangkok; the national currency is the baht. After a series of political and military turmoil thrashed the country in the mid 2000 's, December of 2007 earmarked the reinstatement of a democratic government as well as the inclusion of full democratic elections. The official language is Thai and has remained that since the country 's early beginnings. Buddhism encompasses most the Thailand 's population in terms of religion, nearly 95%, with all belonging to the Theravada denomination. On a global scale Thailand is quite a large country for how small it is geographically; it ranks 50th as far as total area, and is the 20th most populous in the world. Thailand is abundant in both land and labor factors of production. The land measures roughly 510,890 sq km and is full of natural resources such as tin, rubber, natural gas, timber, lead, fish, and many metals. The large amount of agricultural production lead to a GDP of $539.3 billion in 2009. The 2009 household consumption expenditure was 2.05% even though the real GDP growth rate was -2.2%2. The final factor of production for Thailand, labor, is another one of their most abundant resources. In 2009, the labor force was comprised of 38.43 million people. They were divided between 42.4% working in agriculture, 19.7% in industry, and 37.9% in services3. This is consistent with the large amount of arable land throughout the country. With much production occurring in the agricultural sector, is makes sense that Thailand exports agricultural commodities. The country also exports machinery and electronic components, and



Cited: CIA. (2010). Thailand. Retrieved November 20, 2010, from CIA - The World Factbook: www.cia.gov/library/publications/the-world-factbook/geos/th.html Datamonitor Falvey, L. (2001). Thai Agriculture: Golden Cradle of Millennia. White Lotus Co Ltd. Hunter, W., Kaufman, G., & Krueger, T. (1999). The Asian Financial Crisis: Origins, Implications and Solutions. Ministry of Education. (1998). History of Thai Education. Retrieved November 2010, from Mi nistry of Education, Thailand: www.moe.go.th/main2/article/e-hist.htm UNDP United Nations. (2005). Impact on Thailand. United Nations. Zee News. (2010, October 26). India Slips Three Places in Global Corruption Rankings. Retrieved November 2010, from Zee News: www.zeenews.com/news663930.html Citation "Thailand." Country Report “Thailand”. World Factbook. Central Intelligence Agnecy. Accessed November 23, 2010. https://www.cia.gov/library/publications/the-world-factbook/geos/th.html “Thailand Natural Resources”

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