The Booming Economy of Thailand

The Booming Economy of Thailand
Thailand has acquired a rapidly developing, booming economy during the last four decades. The country has stepped up from a lower level income to an upper-level income within one generation. Although the economic growth has fluctuated from time to time during the country’s economic success story, the overall sustained economic growth and poverty reduction is impressive.
The booming years 1960-1996 are considered the most important period for Thailand in terms of economic growth apart from the economic growth the country acquired after the Asian Financial crisis during 1999-2005. There was a steady growth of 7.5% in the economy during 1960-1996 and 5% development after 2005. The main reason for this sustained growth after 2005 is the emergence of many job opportunities in the country’s job market. Many of the unemployed people became employed and came out of the poverty boundaries. Thailand is ideally positioned for greater development in Asia because it was already closely linked to Asia’s two biggest economies, China and Japan.

As a result of the sustained economic growth of Thailand, the country has been named as the 8th largest economy of Asia and the second-largest economy of Southeast Asia following Indonesia which ranks as the largest economy of Southeast Asia. Besides, Thai Baht has named the 10th most frequently used currency type of the world. The newly industrialized country has a GDP of US$505 billion and an inflation rate of 1.06% as of 2018. The World Band names Thailand as “one of the great development success stories” considering the social and development indicators of the country. The NESDB’s poverty line has shown that Thailand has reduced its poverty levels significantly remarking 65.26 % in 1988 to 8.61 % in 2016. Thailand is also named as one of the countries with the lowest unemployment rate such as an impressive rate as 1%. The reason for such a low rate of unemployment is that most of the people in Thailand are employed in the agricultural sector and as unpaid family employees or own-account employees.
You can read more of this article in our New Years 2023 Issue of ModelsMania