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

Despite GDP Thailand per capita was around $7,200, the country has been able to exponentially reduce poverty which stood at around 58% in 1990 to 6.8% in 2020 owing to structural transformation and rapid growth. So, it is widely recognised as a development success story. In 2027, the GDP per capita is expected to be around $10,000. Visit: https://bit.ly/3YP3XZJ

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

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  1. Thailand Economy

  2. Thailand Economy - Overview • Thailand’s 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. 

  3. 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 2000–2014. In 2020, Thailand’s 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. Thailand’s economy expanded 1.6% in 2021 and 2.6% in 2022. The International Monetary Fund (IMF) in its last revision, expects Thailand’s GDP to grow by 3.7% in 2023.

  4. Thailand - GDP (Source: IMF WEO Update January 2023)

  5. Currency and Central Bank • The baht is Thailand’s official currency and is divided into 100 satangs. In 2018, Bloomberg referred to the Thai baht as the world’s 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%.

  6. Industry and Trade The Thailand economy is categorized into three sectors: agriculture, industry, and services. The agricultural sector employs 49% of the country’s labour force but only contributes 8% of the GDP. With the surge of goods and services exports from Thailand, agriculture’s GDP contribution is on the decline. 

  7. Industry and Trade • Thailand’s industrial sector comprises 33.4% of the GDP and provides jobs to 22.5% of the total workforce. • Thailand’s 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.

  8. 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, Thailand’s 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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