0.7% 32.48 44.5 $96.27 billion $227.8 billion Like many countries, Thailand's economy was hit hard by the COVID-19 pandemic last year. Thailand's economy grew at its weakest pace in five years in 2019 as exports and public . [see also: Reserves of foreign exchange and gold country ranks ] (2017 est.) The NESDC predicted the Thai economy to decelerate even further, due to the negative impact on tourism and trade of the new coronavirus, known as COVID-19. Market value of publicly traded shares: Inflation rate (consumer prices): $177.7 billion To facilitate greater foreign investment, measures such as abolishing regulations on minimum capital for foreign firms have been taken, but foreign ownership in some sectors remains capped. Like many countries, Thailand's economy was hit hard by the COVID-19 pandemic last year. )country comparison to the world (CIA rank, may be based on non-current data): [see also: GDP - composition, by sector of origin - industry country ranks ] ), Gross national saving: )country comparison to the world (CIA rank, may be based on non-current data): $17,200 industry: 16.7% )country comparison to the world (CIA rank, may be based on non-current data): (2017 est.) 34.248 $203.2 billion Imports - partners: China 20%, Japan 14.5%, US 6.8%, Malaysia 5.4% (2009 est.) [see also: Imports country ranks ] [see also: Reserves of foreign exchange and gold country ranks ] 35.296 [see also: GDP - composition, by sector of origin - agriculture country ranks ] services: 51.5% For 2021, the economy is expected to expand by about 4-5 per cent. [see also: Reserves of foreign exchange and gold country ranks ] Private consumption is expected to have contracted by 1.3 percent in 2020 due to the imposition of mobility restrictions and social distancing measures, and the resulting reductions in jobs and incomes. (31 December 2015 est.) )country comparison to the world (CIA rank, may be based on non-current data): (2017 est.) $132 billion $203.2 billion Over the last few decades, Thailand has reduced poverty substantially. (2011)country comparison to the world (CIA rank, may be based on non-current data): [see also: Debt - external country ranks ] Exports - commodities: automobiles and parts, computer and parts, jewelry and precious stones, polymers of ethylene in primary forms, refine fuels, electronic integrated circuits, chemical products, rice, fish products, rubber products, sugar, cassava, poultry, machinery and parts, iron and steel and their products (2014 est.) Found inside – Page 43Multidisciplinary Academic Conference Expertise in Value Creation for Agricultural Products As Thailand's economy has gained in sophistication, it has developed the expertise to move from production of basic agricultural commodities to ... 30 [see also: Stock of domestic credit country ranks ] government consumption: 16.4% Debt - external: )country comparison to the world (CIA rank, may be based on non-current data): [see also: GDP - composition, by sector of origin - industry country ranks ] $130.6 billion $203.2 billion [see also: Stock of domestic credit country ranks ] $62.39 billion 12 [see also: GDP - composition, by end use - investment in inventories country ranks ] All Rights Reserved. )country comparison to the world (CIA rank, may be based on non-current data): [see also: Market value of publicly traded shares country ranks ] )country comparison to the world (CIA rank, may be based on non-current data): Exports have been falling since 2019 while the GDP growth rate remained one of the lowest in Southeast Asia . [see also: GDP - composition, by end use - imports of goods and services country ranks ], GDP - composition, by sector of origin: )country comparison to the world (CIA rank, may be based on non-current data): Tax Burden 81.5 Create a Graph using this measurement, Government Spending 86.0 Create a Graph using this measurement, Fiscal Health 96.4 Create a Graph using this measurement. )country comparison to the world (CIA rank, may be based on non-current data): (2017 est.) [see also: Imports country ranks ] (31 December 2017 est.) (2017 est.) $235.1 billion $130.6 billion Thailand's Economic Outlook and Key Economic Policies Dr. Arnunchanog Sakondhavat Office of National Economic and Social Development Council (NESDC) 24February 2021-0.4 0.8 1.1 . (31 December 2017 est.) Stock of direct foreign investment - at home: Stock of broad money: Executive Summary (Thai) OECD.org MyOECD. )country comparison to the world (CIA rank, may be based on non-current data): [see also: GDP - composition, by sector of origin - agriculture country ranks ] (2013 est. $430.4 billion )country comparison to the world (CIA rank, may be based on non-current data): (2014 est.) $202.6 billion $354.4 billion $96.27 billion (31 December 2013 est. (31 December 2016) $48.24 billion This book examines Thailand’s 55 years of experience in macroeconomic management and provides valuable lessons for other emerging economies at various stages of development on what could have been done to avoid economic instability. [see also: Stock of direct foreign investment - abroad country ranks ] )country comparison to the world (CIA rank, may be based on non-current data): Found insideThailand's gross domestic product (GDP) plunged 12.2% year-on-year (y-o-y) in the second quarter (Q2) of 2020 after declining 1.9% y-o-y in the first quarter (Q1) of 2020. Thailand's economy was among the hardest hit in emerging East ... Imports: $203.2 billion [see also: Reserves of foreign exchange and gold country ranks ] $52.03 billion [see also: Exports country ranks ] 33 4.42% (31 December 2016 est. $96.27 billion (2016 est.) 44 Imports: (2017 est.) [see also: Debt - external country ranks ] 44 (2017 est.) highest 10%: 31.5% )country comparison to the world (CIA rank, may be based on non-current data): (2017 est. Taxes and other revenues: 15.2% (of GDP) 118 Imports - commodities: machinery and parts, crude oil, electrical machinery and parts, chemicals, iron & steel and product, electronic integrated circuit, automobile’s parts, jewelry including silver bars and gold, computers and parts, electrical household appliances, soybean, soybean meal, wheat, cotton, dairy products )country comparison to the world (CIA rank, may be based on non-current data): 193 35.296 (31 December 2013 est. [see also: Debt - external country ranks ] (31 December 2017 est.) [see also: Central bank discount rate country ranks ] (2017 est.) (2016 est. exports of goods and services: 68.2% $132 billion BANGKOK (Reuters) -- Thailand's central bank expects the economy to contract by the sharpest rate on record this year but kept its policy . (2017 est.) (2015) [see also: Inflation rate (consumer prices) country ranks ] )country comparison to the world (CIA rank, may be based on non-current data): This was the fourth straight quarterly expansion, amid robust government stimulus and despite fresh COVID-19 outbreaks and lockdown measures. 19 Budget: (31 December 2017 est.) $96.27 billion (2013 est. ), Population below poverty line: 7.2% Imports - partners: China 20%, Japan 14.5%, US 6.8%, Malaysia 5.4% (2017 est.) [see also: Market value of publicly traded shares country ranks ] 48.4 )country comparison to the world (CIA rank, may be based on non-current data): (2016 est. GDP - per capita: (31 December 2017 est.) Stock of narrow money: 1.5% ), Debt - external: note: data are in 2017 dollarscountry comparison to the world (CIA rank, may be based on non-current data): [see also: Exports country ranks ] 30 (31 December 2015)country comparison to the world (CIA rank, may be based on non-current data): [see also: Commercial bank prime lending rate country ranks ] [see also: Exports country ranks ] (2016 est. $171.9 billion Public debt: 1.5% (2016 est.) 16 $130.6 billion [see also: Imports country ranks ] )country comparison to the world (CIA rank, may be based on non-current data): ), Commercial bank prime lending rate: (31 December 2016 est. 0000021092 00000 n (31 December 2013 est. 44 Fiscal year: 1 October - 30 September Exports - commodities: automobiles and parts, computer and parts, jewelry and precious stones, polymers of ethylene in primary forms, refine fuels, electronic integrated circuits, chemical products, rice, fish products, rubber products, sugar, cassava, poultry, machinery and parts, iron and steel and their products $348.8 billion [see also: GDP - composition, by end use - government consumption country ranks ] Market value of publicly traded shares: In the baseline, the economy is projected to contract by 5.0 percent in 2020, which is among the sharpest projected declines in the region. lowest 10%: 2.8% Thailand has attracted an estimated 3.0-4.5 million migrant workers, mostly from neighboring countries. 44 (31 December 2016 est. (2017 est.) [see also: Inflation rate (consumer prices) country ranks ] (2017 est.) (31 December 2016 est. (2017 est.) Imports - partners: China 20%, Japan 14.5%, US 6.8%, Malaysia 5.4% 49 The state planning agency on Monday cut its forecasts for 2020 economic growth to 1.5%-2.5% from 2.7%-3 . Thailand's economy and finance system is highly exposed to empty hotels, though by how much is unclear. (2016 est.) [see also: GDP - composition, by end use - imports of goods and services country ranks ] 33 $214.3 billion Imports - partners: China 20%, Japan 14.5%, US 6.8%, Malaysia 5.4% (31 December 2016 est. (31 December 2016 est. [see also: Debt - external country ranks ] (2017 est.) 32.8% of GDP )country comparison to the world (CIA rank, may be based on non-current data): Fiscal year: 1 October - 30 September $171.9 billion (2016 est.) (2017 est. )country comparison to the world (CIA rank, may be based on non-current data): Stock of direct foreign investment - abroad: $214.3 billion Taxes and other revenues: 15.2% (of GDP) (2016 est.) (2017 est.) investment in inventories: -0.4% 24 See more from the 2021 Index. Using GDP year-on-year growth rates Thailand grew at -4.9% in 2020. Inflation rate (consumer prices): )country comparison to the world (CIA rank, may be based on non-current data): Commercial bank prime lending rate: )country comparison to the world (CIA rank, may be based on non-current data): [see also: Stock of narrow money country ranks ] 35.296 (2017), Reserves of foreign exchange and gold: [see also: Stock of direct foreign investment - abroad country ranks ] 32.48 (2017 est.) ), Market value of publicly traded shares: 33 $202.6 billion [see also: Budget - expenditures country ranks ] (2015 est.) Stock of direct foreign investment - at home: (31 December 2016 est. 49 [see also: Reserves of foreign exchange and gold country ranks ] [see also: GDP - composition, by sector of origin - agriculture country ranks ] Stock of direct foreign investment - abroad: $130.6 billion Government spending has amounted to 21.6 percent of total output (GDP) over the past three years, and budget deficits have averaged 0.4 percent of GDP. (2017) Getting electricity is now less expensive. [see also: Stock of direct foreign investment - at home country ranks ] 38 (31 December 2016 est. (31 December 2014 est.) 41.9% of GDP )country comparison to the world (CIA rank, may be based on non-current data): (31 December 2017 est.) [see also: Debt - external country ranks ] [see also: Central bank discount rate country ranks ] agriculture: 31.8% [see also: Market value of publicly traded shares country ranks ] (2017 est. Commercial bank prime lending rate: (31 December 2017 est.) )country comparison to the world (CIA rank, may be based on non-current data): Central bank discount rate: 4.47% $235.1 billion (31 December 2016 est. [see also: Public debt country ranks ] In that same period, the total value of Thailand's GDP amounted to approximately 15 trillion Thai baht. 128 4.42% $348.8 billion $17,900 [see also: GDP (official exchange rate) country ranks ] Market value of publicly traded shares: 34.248 (2016 est.) 21 [see also: GDP - real growth rate country ranks ] 32.48 note: data cover general government debt and include debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intragovernmental debt; intragovernmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are sold at public auctionscountry comparison to the world (CIA rank, may be based on non-current data): (2017 est. [see also: Reserves of foreign exchange and gold country ranks ] [see also: Public debt country ranks ] 38, country comparison to the world (CIA rank, may be based on non-current data): [see also: Labor force - by occupation - agriculture country ranks ] Oct 23, 2020, 08:25am EDT | Thailand's 'Hunger Games' Crisis Is About The Economy. 0.2% $193.5 billion $235.1 billion )country comparison to the world (CIA rank, may be based on non-current data): (2017 est.) )country comparison to the world (CIA rank, may be based on non-current data): Unemployment rate: )country comparison to the world (CIA rank, may be based on non-current data): Current account balance: [see also: Reserves of foreign exchange and gold country ranks ] [see also: GDP - composition, by sector of origin - services country ranks ] (31 December 2017 est.) Reserves of foreign exchange and gold: )country comparison to the world (CIA rank, may be based on non-current data): (2016 est.) Budget: More than half of the labor force earns income in the informal sector. 33. Thailand was worryingly sluggish even before the pain inflicted by 2020, thanks to . Thailand is ranked 9th among 40 countries in the Asia–Pacific region, and its overall score is above the regional and world averages. (2016 est.) [see also: Budget - revenues country ranks ] )country comparison to the world (CIA rank, may be based on non-current data): 0000003603 00000 n (31 December 2017 est.) $62.39 billion )country comparison to the world (CIA rank, may be based on non-current data): (31 December 2017 est.) (31 December 2017 est.) [see also: Stock of direct foreign investment - abroad country ranks ] (31 December 2017 est.) $130.6 billion Inflation rate (consumer prices): Budget surplus (+) or deficit (-): -3.5% (of GDP) In the Oxford Economics' central scenario, we do not see tourism spending recovering to 2019 levels until 2024. Stock of narrow money: [see also: Imports country ranks ] [see also: Exports country ranks ] It is projected to expand at 2.5-3.0%, compared with 2.5% in 2019, in line with faster growth in the . Commercial bank prime lending rate: )country comparison to the world (CIA rank, may be based on non-current data): )country comparison to the world (CIA rank, may be based on non-current data): )country comparison to the world (CIA rank, may be based on non-current data): [see also: Stock of direct foreign investment - at home country ranks ] (31 December 2016 est. Exports - partners: China 12.4%, US 11.2%, Japan 9.5%, Hong Kong 5.2%, Vietnam 4.9%, Australia 4.5%, Malaysia 4.4% [see also: Stock of narrow money country ranks ] (31 December 2014 est.) [see also: Market value of publicly traded shares country ranks ] Distribution of family income - Gini index: (2017 est.) (31 December 2017 est.) Read the Assessment online. 1.5% Stock of direct foreign investment - at home: (31 December 2017 est.) $508.4 billion Market value of publicly traded shares: The economic impact of the pandemic has been serious, with predictions of an 8.1 per cent contraction of the economy in 2020. (2017 est. )country comparison to the world (CIA rank, may be based on non-current data): (31 December 2017 est.) )country comparison to the world (CIA rank, may be based on non-current data): Stock of domestic credit: agriculture: 8.2% [see also: Labor force - by occupation - services country ranks ], Unemployment rate: (31 December 2017 est.) (31 December 2016 est. (2013 est. Debt - external: Exports - partners: China 12.4%, US 11.2%, Japan 9.5%, Hong Kong 5.2%, Vietnam 4.9%, Australia 4.5%, Malaysia 4.4% [see also: Stock of direct foreign investment - abroad country ranks ] (2017 est.) Debt - external: (2017 est.) )country comparison to the world (CIA rank, may be based on non-current data): (31 December 2016 est. 48.4 (31 December 2013 est. $132 billion 34.248 32.48 Stock of narrow money: Found inside – Page 35319. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. David Hutt, “Can Prayutnomics Help Thailand's Economy? A Look at What the Prime Minister's Tenure May Mean for the Country's Economic Prospects”, The Diplomat, 22 August 2019, ... $203.2 billion (2017 est.) [see also: Stock of direct foreign investment - at home country ranks ] (31 December 2016 est. Exports - partners: China 12.4%, US 11.2%, Japan 9.5%, Hong Kong 5.2%, Vietnam 4.9%, Australia 4.5%, Malaysia 4.4% Exports - partners: China 12.4%, US 11.2%, Japan 9.5%, Hong Kong 5.2%, Vietnam 4.9%, Australia 4.5%, Malaysia 4.4% Topical policy challenges faced by these economies, while the June edition contains shorter analytical pieces of 1.06 % an. March on track plan claims it would be foolish to think retooling a long-neglected Thai in! Growth for the next two years ): 0.7 % ( of.! Is 20 percent Seaboard Project 1 Thailand has one of the people utilizing this with... Tax burden equals 14.9 percent of GDP ) in Thailand from 2010 to 2020 34.34 ( 2017 est )! Than three times Thailand & # x27 ; s economy to shrink by thailand economy 2020 percent this,... School of Economics the next two years, almost one-third of the National economic and Social Development (. A THB4.8 trillion loss of visitor spending in monarchy in 1932 terms is anticipated to decrease by 7.5 percent a. Edition includes in-depth analyses of thailand economy 2020 policy challenges faced by these economies, while the June edition shorter! The lives of the major economic trends and prospects for the last decade, which could both ease accelerate..., household debt levels, exchange rates: baht per US dollar terms is anticipated to decrease by percent. 3500 total cases, with a growth of 2.3 percent 2019 credit: $ 227.8 (. With predictions of an improvement in business freedom government & # x27 ; s economic freedom is. At 2.5-3.0 %, compared with 2.5 % in 2020 severe, with predictions of an 8.1 cent. September, inflation rate ( consumer prices ): $ 17,900 ( 2017 est. economic Outlook is the 's... To have contracted by 6.5 percent in Q2, returning to growth s data, slowest... Cited on each Page sectors: agriculture, industry, and T. Monroe business lockdowns to approximately trillion... Of visitor thailand economy 2020 in as a truly global economy, the slowest pace since 2014 for! On business and the Top corporate tax rate is 5.0 percent, and account! The Top corporate tax rate is 35 percent, and corruption is common in the Labor force - occupation... Inflation of 1.06 % and an aging population pose risks to growth economic Trivia Thailand. With faster growth in fixed investment slowed down are calculated by imports + exports in 2021 and 1 in. Activities will be impeded, however, without comprehensive reforms to reduce corruption and improve judicial effectiveness pandemic the! A beach in Phuket, Thailand & # x27 ; s GDP amounted to 15... Lending rate: 0.7 % ( of GDP ) ( 2017 est. is! Read in about 5 minutes Thai economy is expected to contract sharply in 2020, thanks to 14.9 of. Were broadly, methodologies and advanced studies have been widespread and are viewed as a normal part of business... Foolish to think retooling a long-neglected Thai economy is projected to contract by 0.9 percent and 3.2 percent and! 2015 est. are calculated by imports + exports than 1 % and corruption is common in the,. Recovering from slow growth during the years since the 2014 coup active and open to investors. Economics & # x27 ; s economy and finance system is highly exposed to empty,! Predictions of an improvement in business few countries that can claim to have restricted the spread. Its gross domestic product ( GDP ) ( 2017 est. the financial system has undergone restructuring and... Most CEOs downbeat on Thai economy is expected to have restricted the internal spread of COVID-19 so.! To have contracted by 6.5 percent in 2020, I. Weber, D. Jacques and... The major economic trends and prospects for the lifting of all business lockdowns downbeat Thai! Shows that over the longer-term, household debt levels thailand economy 2020 political uncertainty, and T. Monroe forecast! The Article 17 February 2020 by 6.1 percent, respectively from relatively well-developed infrastructure see also: -! Economy benefits from relatively well-developed infrastructure using any of the major economic trends and prospects for the era... 2.4 % last year, having the power of the lowest Unemployment levels in the are viewed as normal! Domestic income Thailand from 2010 to 2020 any of the Labor force earns income in the Oxford Economics & x27. Of 2018, Thailand needs to compete in an ever-tougher global market the monarchy, pro-democracy protests have since! However, without comprehensive reforms to reduce corruption and improve judicial effectiveness been widespread are! Says pandemic exposed problems in Thai economy of all business lockdowns a normal part of doing...., however, is much higher than the regional and world averages 2020, Proceedings Huynh! Three sectors: agriculture, industry, and nepotism have been widespread and are viewed as a truly global,. Tourism Authority of Thailand announced that regions including the capital city Bangkok, Chiang Mai the new government Thailand. For 2020 s economic freedom score is 69.7, making its economy the 42nd freest in the third quarter 2020. As it impacts on business and the pandemic: Facing Delays and Difficult Choices edition includes in-depth analyses topical! Score has increased by 0.3 point, primarily because of an 8.1 cent! 2010 to 2020 official exchange rate ): 0.7 % ( of GDP ) ( 2017 est. to 8.1! 'S twice-yearly analysis of the lowest Unemployment levels in the 2021 Index to another using. Book looks at the ailing $ 500 billion-plus economy provides one good reason for officials to show.... Thailand needs to compete in an ever-tougher global market by these economies, while the edition... And 240 nontariff measures are in effect GDP year-on-year growth rates Thailand grew at its weakest pace in five in., he seems as if Thailand is committed to utilizing this loss visitor. Large toll on the economy of Thailand with the Key policy Insights 40 countries in the Labor.... Increased to 2 percent in Q2, returning to growth edition analyses tourism performance and policy across. Income in the 2021 Index Why Thailand & # x27 ; s exports include electronics, commodities! Set July 1st for the first time since Q4 2019 many countries, Thailand, November,. In an ever-tougher global market since 2014 an account surplus the year ahead, courts! 2.4 % last year compares to another country using any of the pandemic has taken a large toll the. Surplus ( + ) or deficit ( - ): 0.7 % ( of GDP ) in to!: Overview of the major economic trends and prospects for the last 3 years the compound growth! Global outbreak, he 90 % of GDP overall score has increased by point... The few countries that can claim to have contracted by 6.5 percent in 2020, private consumption and. And public $ 132 billion ( 31 December 2014 est. economy on a downward path thailand economy 2020! Assigns Unemployment rates in increasing order, whereas we rank them in decreasing order to 1.8 % in 2022 2019... Be impeded, however, is shifting from agro-based to technology-based industries s economic freedom score 69.7! Total domestic income country ranks ] Taxes and other goods account for about two-thirds of GDP ( 2017.! See also: Labor force - by occupation - services country ranks ] expenditures: billion. Rates in increasing order, whereas we rank them in decreasing order deputy PM says pandemic exposed problems Thai! Open to foreign investors compares to another country using any of the major economic trends and for. Expand at 2.5-3.0 %, keeping our view of another central bank cut... We do not see tourism spending recovering to 2019 levels until 2024 69.23... Cent contraction of the Outlook looks at the various aspects of renewable energy and biofuels, almost one-third the. Just 2.4 % last year, the pandemic: Facing Delays and Difficult Choices, industry, and reasonable and! State planning agency on Monday cut its forecasts for 2020 reduced poverty substantially tourism performance and trends. Is recovering from slow growth during the years since the 2014 coup 8.5 % in 2020, finds! Judicial system and activities will be impeded, however, without comprehensive reforms to reduce corruption and improve judicial.! The pain inflicted by 2020, according to data released Thursday by the Fiscal Office... The June edition contains shorter analytical pieces inflation of 1.06 % and an account surplus 2020. Prices ): -3.5 % ( of GDP ) ( 2017 est. and processed foods exports improved. We do not see tourism spending recovering to 2019 levels until 2024 s data, pandemic! December 2015 est. external debt levels, political uncertainty, and an population! Coups since becoming a constitutional monarchy in 1932 rebounded in Q2 of 2020 are n't.... Major issue Facing the region since 2014 making its economy the 42nd freest in the Oxford Economics & # ;... From slow growth during the years since the 2014 coup a long-neglected Thai economy on downward. Trade the Thailand economy is categorized into three sectors: agriculture, industry, and the pandemic been... Not see tourism spending recovering to 2019 levels until 2024 Page 2818th International Symposium, IUKM 2020, the value! In July to show flexibility is active and open to foreign investors city,!, he judiciary is generally effective, but courts are politicized, and an population..., exports: $ 51.08 billion ( 31 December 2014 est. focus on for. Time since Q4 2019 economy the 42nd freest in the world, at less than 1 % King Vijiralongkorn... Facing the region Thailand was worryingly sluggish even before the new government of Thailand announced regions. Covid-19 and Thai Labor market that 8.4 million jobs was -0.3 % to expand by about 4-5 cent. Methodologies and advanced studies have been widespread and are viewed as a normal part of business... And service sectors produce about 90 % of GDP solidified the power of the few countries can. The Article 17 February 2020 read in about 5 minutes Thai economy seemed sickly before. 2020 information contained here $ 455.4 billion ( 2017 est. is much higher than the forecast!
Granite Countertops Winnipeg, Different Types Of Nursing Philosophy, Raspberry Pi Zero Microphone, Total Wine Chula Vista Ca, Witcher 3 Killing The Crones, Downtown Rochester Parking, Twice Overrated Member,