Economy of Thailand

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Economy of Thailand
Bangkok, the largest city, business and industrial center of the country
Bangkok, All Seasons Place, Bangkok, China Resources Building
Bangkok at night, view from State Tower
View of the Business district skyline in Bangkok
Night view of Bangkok city
Thailand is the largest rice exporter in the world

Thailand is an emerging economy and considered as a newly industrialized country. Thailand enjoyed the world's highest growth rate from 1985 to 1996 – averaging 9.4% annually. In 1997 the economy contracted by 1.9% and increased pressure on Thailand's currency, the baht, led to a crisis that uncovered financial sector weaknesses and forced the Chavalit Yongchaiyudh administration to float the currency. However, Prime Minister Chavalit Yongchaiyudh was forced to resign after his cabinet came under fire for its slow response to the crisis. The baht was pegged at 25 to the US dollar from 1978 to 1997, however, the baht reached its lowest point of 56 to the US dollar in January 1998 and the economy contracted by 10.8% that year. This collapse prompted the Asian financial crisis.

Thailand's economy started to recover in 1999, expanding 4.2% and 4.4% in 2000, thanks largely to strong exports. Growth (2.2%) was dampened by the softening of the global economy in 2001, but picked up in the subsequent years owing to strong growth in Asia, a relatively weak baht encouraging exports and increasing domestic spending as a result of several mega projects and incentives of Prime Minister Thaksin Shinawatra, known as Thaksinomics. Growth in 2002, 2003 and 2004 was 5–7% annually. Growth in 2005, 2006 and 2007 hovered around 4–5%. Due both to the weakening of the US dollar and an increasingly strong Thai currency, by March 2008, the dollar was hovering around the 33 baht mark.

Thailand exports an increasing value of over $105 billion worth of goods and services annually.[54] Major exports include Thai rice, textiles and footwear, fishery products, rubber, jewellery, cars, computers and electrical appliances. Thailand is the world’s no.1 exporter of rice, exporting more than 6.5 million tons of milled rice annually. Rice is the most important crop in the country. Thailand has the highest percentage of arable land, 27.25%, of any nation in the Greater Mekong Subregion.[55] About 55% of the arable land area is used for rice production.[56]

Substantial industries include electric appliances, components, computer parts and cars, while tourism in Thailand makes up about 6% of the economy. Prostitution in Thailand and sex tourism also form a de facto part of the economy. Cultural milieu combined with poverty and the lure of money have caused prostitution and sex tourism in particular to flourish in Thailand. One estimate published in 2003 placed the trade at US$4.3 billion per year or about three percent of the Thai economy.[57] According to research by Chulalongkorn University on the Thai illegal economy, prostitution in Thailand in the period between 1993 and 1995, made up around 2.7% of the GDP.[58] It is believed that at least 10% of tourist dollars are spent on the sex trade.[59]




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he Art of Green Demolition

Nowadays, the focus is on the environment and the demolitions field is no exception. There is a green way of removing a building called deconstruction which is simply removing pieces of a building one by one and then sending some portions of the disassembled structure off to be recycled or reused. This approach to tearing down a building is one of the best in terms of being environmentally-friendly but it can be more expensive and time consuming than controlled demolition. However, if you care for the environment, then it is recommended that you use this option. You could even reuse the materials that you salvage on your old building in creating a new one. The usual process is to first take out all items such as doors, windows, light fixtures and other easily removable items. Then, it is normal to start removing the structural items starting from the roof and working down towards the foundations. Deconstruction does not have to be limited to buildings and something like bridges demolition is also possible via this method. In fact, any structure can be disassembled and sent off to local salvaging contacts or landfills. Talk to a demolitions company to find out exactly what they can do to assist you with deconstructing your building. They should also have a list of all businesses nearby who can take in your used materials. Some of these businesses will purchase your materials from you while others may be not-for-profit organisations specialising in helping the environment.


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