Thailand was one of the founding members of ASEAN and has been instrumental in the formation and development of the ASEAN Free Trade Area (AFTA). The Thai economy is export dependent, with exports of goods and service accounting for over 70% of GDP in 2007. The Royal Thai Government welcomes foreign investment, and investors who are willing to meet certain requirements can apply for special investment privileges through the board of investment. Roughly 40% of Thailand’s labor force is employed in agriculture (Data based on the Bank of Thailand.)
Rice is the country’s most important crop; Thailand is the largest exporter in the world rice market. Thailand’s increasingly diversified manufacturing sector is the largest contributor to growth, also high technology products are now leading Thailand’s growth in exports. Tourism Also contributes significantly to the Thai economy. Thailand and Macao aimed to develop and strengthen cooperation in business tourism through exchange visits, and measures to attract business tourists, investment and coordination on training and human resource development.
Key economic indicators and statistics for 2008:
■GDP US$272.1 billion
■GPD per capital US$4,099
■Real GDP growth 4.7 percent
■Inflation 2.5 percent
(Source: Australian Government Department of Foreign Affairs and Trade - Country economic fact sheet)
Area: 513,115 sq. km.
Population (2007): 65.74 million. (Data based on Bank of Thailand.)
Natural resources: Tin, rubber, natural gas, tungsten, tantalum, timber, lead, fish, gypsum, lignite, fluorite.
Agriculture (7.9% of GDP): Products--rice, tapioca, rubber, corn, sugarcane, coconuts, soybeans.
Industry: Types--tourism, textiles, garments, agricultural processing, cement, integrated circuits, jewelry, electronics, petrochemical, and auto assembly.