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Thai economic development

It is a piece of common knowledge that the sun rises in the East. Nowadays Asian countries are demonstrating the economical “uprise”, thus increasing their economical power every year. Over three past decades the Kingdom of Thailand has made a giant leap from agricultural towards industrial economy.

Already for many years Thailand keeps one of the lowest unemployment levels worldwide of about 0.5%. Theinflationratefollowsthesametrend.

IMF and World Bank rank Thailand 22nd in the world by GDP, 14th in the world by gold reserves (180 billions of US dollars), 4th in the world by unemployment rate (0.6%), 25th in the world by direct investments in asset funds (21% of GDP), 82nd by government debt (44.3% of GDP), 77th by inflation rate (3%), 26th by volume of exports (226 billions of US dollars) and 25th by volume of imports (214 billions of US dollars), 28th by attracted direct foreign investments (160 billions) and 35th by investments abroad (52 billions of US dollars).

Even in the course of the recent worldwide financial crisis Thailand has demonstrated one of the best economic performances. Sustained economic growth, steadily developing infrastructure and continuous measures for inducement of foreign capital promote Thailand into one of the most attractive countries for businessmen all over the world. World Bank has just ranked Thailand 17th in the world by attractiveness for business start-ups. As a result, more and more foreign companies open their offices and launch production lines in Thailand.

Production andexport

Nowadays Thailand ranks first in the world by the number of manufactured hard drives, second – by the number of refrigerators and fourth – by the number of aircos.

Thailandis among 13 world leaders in volume of electronics exports. Global giant enterprises such as «Toshiba», «Sony», «Samsung» and «Electrolux» have their manufactories on the territory of Thailand. These production factories usually cluster in so called industrial parks.

Recently Thailand has become an active adept of the alternative energy concept and environmentally-clean production. Some major companies, for example «GeneralMotors», have already achieved 97% efficiency of their non-waste technologies. Moreover, water pollution control is being strengthened from year to year, as more purifying facilities are being installed on manufacturing plants.

It is also worth noting that one of the largest European car-maker «Volkswagen» is going to open a manufacturing plant in Thailand very soon.

The industrial sector comprises 44.5% of GDP and employs 14 % of the able-bodied population.

On top of everything else, modern Thailand is very beneficial for business thanks to improved upgraded infrastructure and governmental privileges provided by the Board of Investment of Thailand (BOI).

The Kingdom of Thailand is one of the world’s largest exporters of rice, natural rubber and seafood. The agricultural sector contributes 10.7 % to GDP and employs about a half of the able-bodied population. Rice is naturally the basic crop in Thailand.

Russiais one of the major trading partners, along with Japan, China and USA.

Perspectives

Some ambitious business projects have been launched by now, and the completion is planned in the nearest future. For instance, Thai government is planning to complete few large-scale construction projects that will connect Bangkok with large southern and northern Thai cities by a high-speed rail network that will be served by 200 trains. One of its branches will connect Bangkok and Pattaya. However this is just a tip of the iceberg – many dozens of  grandiose projects are being devised and designed these days. The largest of them are being funded by major international banks, e.g. by Asian Development Bank. This institution performs a series of detailed investigations before investing in stable and promising economies only.

Thailandis evolving in a similar manner as did The Asian Tigers, e.g. Singapore, Japan and South Korea.

Overseas companies and organizations, experts and leading specialists concur that Thai economy will continue stable and sustained growth over the coming years. The increasing volume of foreign investments into the country’s economy is another sign of trust evoked by modern Thailand. The country is enormously attractive for business ventures thanks to its well-developed infrastructure, subsidies and privileges for foreign investors, cheap rent and low-cost labor. As a result, those who invest into Thailand today will benefit from it in the immediate future.

Thailand and ASEAN

Thailandis a member of the Association of Southeast Asian Nations (ASEAN) along with Russia, which has entered the association as a full member in 1996. The collaboration between Thailand and Russia in the framework of ASEAN has promoted development of Eastern Siberia in particular and Russian economy in general. The partnership was established in various fields ranging from industry to tourism.

Analysts point out that Thai are very optimistic about the recently proclaimed ASEAN economic community which encompasses Thailand, Indonesia, Singapore, Brunei, Malaysia, Cambodia, Philippines, Vietnam, Laos and Myanmar. Although experts foresee some unquestionable improvements, they also urge to not overestimate this event. The entire endeavor will take time to evolve, and no magic should be expected right after the signing of the Proclamation on December 31, 2015. One of the most anticipated novelties is the liberation of land laws in Thailand.

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