Table of Contents

Table of Contents.................................................................................................... II
List of illustrations ................................................................................................ III
1. Introduction......................................................................................................... 1
1.1 Motivation ..................................................................................................... 1
1.2 Structure of the paper .................................................................................... 1
2. Country Background ........................................................................................... 1
2.1 General information ...................................................................................... 1
2.2 Social issues .................................................................................................. 2
3. Economic Policy ................................................................................................. 3
3.1 Development policy approach ....................................................................... 3
3.2 Participation of government in economy ...................................................... 4
3.3 Fiscal policy .................................................................................................. 4
3.4 Monetary policy ............................................................................................ 5
4. Current Macroeconomic Situation ...................................................................... 5
4.1 GDP growth .................................................................................................. 5
4.2 Inflation ......................................................................................................... 7
4.3 Unemployment .............................................................................................. 8
5. Economic Structure ............................................................................................. 9
5.1 Agricultural sector ......................................................................................... 9
5.2 Industry sector ............................................................................................. 10
5.3 Service sector .............................................................................................. 10
5.4 Areas or branches of high importance.......................................................... 11
6. International economic relations ....................................................................... 12
6.1 Foreign trade broken down by major regions/countries .............................. 11
6.2 Foreign trade broken down by commodities ............................................... 13
6.3 Foreign direct investment ............................................................................ 14
6.4 Labour exports ............................................................................................ 16
6.5 Participation in customs unions/free trade areas .......................................... 16
6.6 Foreign exchange policy ............................................................................. 17
7. Major Problems and Potentials of Economy ..................................................... 18
List of References ................................................................................................. 19
Affidativ ................................................................................................................ 27

II
List of illustrations

Illustration 1: Annual GDP Growth (2008-2016) ................................................. 6

Illustration 2: Annual Inflation Rates (2008-2016) ................................................8
Illustration 3: Thailand’s Top Trading Partners in 2016 ..................................... 12
Illustration 4: Thailand’s Top Traded Goods in 2016 ......................................... 13
Illustration 5: Foreign Direct Investment (2006-2016) ........................................ 15

III
1 Introduction
1.1 Motivation
Sun, beaches, cheap prices and maybe even a little bit sex? That are the first things
that most likely come up to people’s mind when they think about the country
Thailand. But of course there is much more behind the tourist’s eyes which makes
the country remarkable, like its society, politics and especially its economy. All
aspects that are worth discovering but we might not have yet dealt intensively with.
That is why I see this research about Thailand as the chance to gain new insights
about the country and to learn more about its economy than what we just hear and
see in the media superficially. Thailand is a country of opportunity and I am
delighted that I got the lucky ticket to explore it.

1.2 Structure of the paper

This paper will start with an overview of the country’s profile and will continue
with its economic policy. Then, the development trends of the GDP, inflation and
unemployment will be analyzed and the economic structure of the country
examined. After that I will look at the foreign economic relations of Thailand and
the final chapter will give an outlook of the country’s future by looking at the major
problems and potentials of its economy. The overall aim of this country paper is to
provide an understanding for the country in social, political and especially
economical aspects and to have a clear imagination of its position in the global
context.

2 Country Background
2.1 General information
The country Thailand is located in the middle of Southeast Asia with its neighbor
countries being Laos in the North, Cambodia in the East, Malaysia in the South and
Myanmar in the West.1 It also borders to the Gulf of Thailand and the Andaman
Sea, which give Thailand the beautiful beaches it has today. With the tropical and
warm climate and the general diverse landscape that the country can offer, Thailand
is one of the most popular travel destinations worldwide.

1
Cf. Royal Thai Embassy (w/o Yb).

1
Covering a size of about 513km2, of which 33%2 is arable, it allows the country to
be a major operator in agriculture. Especially with the support of the Chao Phraya
river and the Mekong river which supply the country with water.3

Thailand is a constitutional monarchy, with currently King Maha Vajiralongkorn

sitting on the throne, after he inherited that position from his father King Bhumibol
Adulyadej, who ruled the kingdom for 70 years and died on October the 13th in
2016.4 However, since 2014 the constitutional monarchy is under military rule, after
the Thai military has taken control over the government through a coup d’etat under
the lead of Prayuth Chan-ocha who is now the Prime minister.5

Currently approximately 68.3 million people live in Thailand, which equals nearly
1% of the total world population.6 The highest population density with over 10
million people can be found in Bangkok.7 That might not be a big surprise, when
considering, that it is Thailand’s capital and the monopole where predominantly
Thailand’s businesses, politics and economy take place. Because nearly 95% of the
population are Buddhists, the whole Thai culture is characterized by the Buddhism.8

Thai is the official language of Thailand but English is also spoken and understood
widely because it is the main business language with other countries, the second
language of the leading class and due to the influence of the foreign tourists who
come to the country. The currency of Thailand is the Baht.

2.2 Social issues

Thailand faces many social problems. One of them is the wide gap between the rich
and the poor. While the upper 20% of the population can enjoy nearly 70% of the
national wealth with spending their money on many expensive products, the lower
20% have to live with 1% of the national wealth for their survival. The average
monthly income per person of this lower class is only about 45 USD, which is the
official poverty line.9 It is therefore reasonable that Thailand is ranked as the third
most unequal country in the world.10

2
Cf. The Worldbank (2017b).
3
Cf. Encyclopedia Britannica (w/o Y).
4
Cf. The Guardian (2016).
5
Cf. BBC NEWS (2014).
6
Cf. Worldometers (2017).
7
Cf. Royal Thai Embassy (w/o Yb).
8
Cf. Hays, J. (2014).
9
Cf. Symonds, P. (2010).
10
Cf. Fernquest, J. (2016).

2
Poverty however, is the root for further problems in Thai society. Poor parents,
mostly living in rural areas of Thailand, are not able to send their children to school
to have an adequate education which will make them unqualified for higher paying
jobs in future. As a result, the following generations will inherit the poor conditions,
and make the family continue being “trapped in a vicious cycle of poverty”11. This
is also a reason, why the fertility rate and the birth rate in Thailand decreased
sharply over the last years. From a high fertility rate of 6, it is now estimated with
only 1.5 per woman in 2016.12 Also the birth rate declined to 11.1 births per 1000
persons.13 While many poor women don’t want their children to be born into a poor
family and give them the burden of a poor life, many business women with high
status and income see a child as an obstacle, which they don’t want to sacrifice their
career for. But with decreasing new-borns and more people growing old, not only
unsufficient care for the older people but also a labor shortage is feared.14

Other huge social issues Thailand faces are tropical diseases in rural areas and
corruption which strongly affects businesses and government.15

3 Economic policy
3.1 Development policy approach
In the course of year, the Thai government has designed many economic models
which serve as the guideline for Thailand’s development. Until now, the country
has already successfully managed three development models.

The first model was called Thailand 1.0 and focused on the expansion of the
agricultural sector. With Thailand 2.0 the focus was on the light industries that even
enabled the country the jump from a low-income to a middle-income status in 2011.
Ultimately, concentration on advanced industries as the key to strengthen and
increase economic growth was the aim of Thailand 3.0.16

Currently, the Thai government is introducing a new period of development for the
country with Thailand 4.0 which aim it is to turn Thailand into an innovative-based
economy with high income. By transforming traditional farming to smart farming,

11
Nations Encyclopedia (w/o Yd).
12
Cf. The Worldbank (2017d).
13
Cf. Indexmundi (2017).
14
Cf. Fernquest, J. (2017b).
15
Cf. Countriesquest (w/o Yb).
16
Cf. The Government Public Relations Department (2016).

3
traditional services to high-value services, unskilled workers to high-skilled
workers and instead of buying foreign technology making the own technology, the
government wants to develop Thailand from a middle income country to a high
income country.17

The development policy approach for Thailand in general is oriented towards the
vision of “Stability, Prosperity and Sustainability”.18

3.2 Participation of government in economy

Because Thailand is a mixed economy, the amount of governmental participation
in the economy remains small.19 While the private sector possesses much freedom
and makes up almost the whole economy, the government takes care of the
producers and the consumers through rules and regulations.20 It has always kept
itself away from direct market interventions, and rather prefers the use of indirect
measures, like tax on trades or incentives for investments.21

Since the military government took over, it had tried to restart strong economic
growth by giving many stimulus packages, approving infrastructure projects and
cutting interest rates.22 But because all the taken measures haven’t showed visible
results, the confidence in the Thai economy has slowly decreased and left people
wondering about an improvement of the economic situation in the long term.

3.3 Fiscal policy

For the Thai government fiscal policy is necessary in order to stabilize the country’s
policy and economy which is why it often spends a huge amount of money for the
country’s sake. The main reasons for government expenditure is to upgrade the
infrastructure, to invest in public goods, to restore the damages of unexpected
external crisis or to subsidy companies.

To finance all the objectives, the government uses the receipts it collects. Those
include custom duties, revenue from state-owned enterprises, capital revenues,
foreign aid and of course taxes.23 All summarized as government revenues.

17
Cf. Royal Thai Embassy, Washington D.C. (w/o Y).
18
The Government Public Relations Department (2016).
19
Cf. GlobalEDGE (w/o Y).
20
Cf. EconoMaldives (2013).
21
Cf. Countriesquest (w/o Ya).
22
Cf. Dixon, C. (2015).
23
Cf. Trading Economics (2017).

4
For government revenues the government mostly depends on the Value Added
Taxes (VAT) which are 7% and on the corporate income tax of 20%. In
consideration of these numbers, it is comprehensible why the government wants to
increase taxes, especially the VAT. Because an increase of just 1% would already
bring in around 100 million more Baths, a VAT of 8% appears really tempting for
the government.24 However, this idea still stays rejected.

3.4 Monetary policy

Due to the inaccurate relation between money demand and real economy growth in
the past, the Bank of Thailand has targeted its monetary policy towards an inflation
goal between 1% to 4% in 2001, a strategy which is called inflation targeting. At
the same time, this strategy is aimed to give the Bank more national and
international credibility as well as independence from the government.25

In accordance with demand and supply, the Bank of Thailand is responsible for the
circulation of the adequate volume of banknotes within the economy. Furthermore,
to have an update and overview of the current financial situation in Thailand, a
Military Policy Committee meets every six or eight weeks to discuss the latest
financial developments. In the end of the meeting, the Committee makes a monetary
policy decision which can be seen by a lowering, maintaining or raising of the
policy interest rate in order to achieve the inflation target.26

In Thailand the main interest rate is the one-day repurchase rate. On the monetary
policy meeting in march this year, the Bank of Thailand decided to keep the one-
day repurchase rate staying at 1.5% where it has been since 2015.27

4. Current Macroeconomic situation

4.1 GDP growth
When The World Finance crisis in 2009 hit the global economy, it also made the
Gross domestic product (GDP) in Thailand dropped to 281.7128 billion USD, 0.69%
less than the year before. Even though Thailand’s GDP growth reaches a high of
7.5% in 2010 after overcoming the crisis, its growth was only of around 0.8% in

24
Cf. PressReader (2017).
25
Cf. Deutsche Bank Research (2001).
26
Cf. Bank of Thailand (w/o Yd).
27
Cf. FocusEconomics (2017).
28
Cf. The Worldbank (2017f).

5
2011 because of the devastating flooding which occurred in the country. However,
it managed to increase the following year with 7.2% again. Because Thailand had
to deal with political struggles from 2013 to 2014, it caused weaker GDP growth in
both years. But the end of the political struggles in 2014 slowly brought back an
economic recovery to the country again. Last year, the Thai GDP was
approximately 406.8429 billion USD with a growth rate of 3.2% in comparison to
the previous year.

Year
Illustration 1: Annual GDP Growth (2008-2016)
Source: Own illustration based on The World Bank (2017e)

Following the economic forecast of the Asian Development Bank, Thailand’s GDP
growth rate will have a positive increase of about 3.5%30 in the end of 2017 in
comparison to 2016, expecting the GDP of the whole year to be 420.00031 billion
USD. For 2018 it is forecasted to be an increase rate of 3.6%32 and in the long-term,
the Thai GDP is projected to trend to 448.00033 billion USD in 2020.

This is explained due to the currently strong Baht and also because of the strong
exports. Export growth is generally seen as the key to further economy growth in
Thailand. This is reasonable when considering that exports made up about 75% of
the country’s GDP while in comparison imports make up 50%.34 This shows how
trade-oriented and how highly dependent Thailand is on trades especially when it
comes to the GDP.

We can see over the years that Thailand’s economy is mostly stable. The positive
GDP growth can be seen as an indicator for a healthy economy that is expanding
and growing. In contrast, all the strong GDP declines the country had faced, was

29
Cf. The Worldbank (2017f).
30
Cf. Asian Development Bank (w/o Y).
31
Cf. Trading Economics (w/o Y).
32
Cf. Asian Development Bank (w/o Y).
33
Cf. Trading Economics (w/o Y).
34
Cf. FocusEconomics (w/o Ya).

6
not due to its bad operation but only because of the negative impacts that the
different crisis, natural catastrophes and political instability brought along.

Even though economists calculate that the ideal GDP growth rate lies between 2%
and 3%35, Thailand most of the time has a growth far above that range. No wonder,
when the country has the opportunity to increase its income that much, it is hard to
stop the development only to be between these two numbers. But too high GDP
growth is also dangerous for the Thai economy, as it will most likely lead to an
increase in inflation.

4.2 Inflation

Thailand’s inflation rate has always fluctuated in the past as seen in Illustration 2,
but as of 2011, it declined gradually 5 years in a row, ending at -0.90% in 2015. It
was just last year, that the inflation rate started to increase again to 0.2%. For this
year it is expected that the rate is going to increase to a total of 1.35% and will
continue to grow in the coming years.36

The Global Financial Crisis explained the sudden deflation in 2009, the deflation
in 2015 was due to the sudden fall of the oil prices while the high inflation rate of
5.47% in 2008 was because of the raise of the oil prices. This indicates how strongly
the volatility of oil prices can affect the Thai inflation.37

However, if Thailand can determine correctly which prices for which goods and
services have increased during the year that cause high inflation, it can conclude
which of them are desired and scarce at the time and can produce them on their own
instead of being heavily dependent for those products, for example.

1% to 4%38 is the inflationary growth that the Thai government tries to reach,
because it is believed that a growth within this range has good effects for the
economy without grave side effects. And if the inflation rate should be too high, the
Bank of Thailand will most likely intervene by raising the interest rate to keep
money supply low and therefore cool down the rate again.

35
Cf. Amadeo, K. (2017).
36
Cf. Statista (2017).
37
Cf. Johnson, S. (2015).
38
Cf. FocusEconomics (w/o Yb).

7
 %

Year

Illustration 2: Annual Inflation Rates (2008-2016)

Source: Own illustration based on Laenderdaten (w/o Y)

4.3 Unemployment
According to the Labor Force Survey in Thailand, there have been about 37.94
million people in the labor force in January 2017, with 37.21 million of them or
98.1% employed, 449 thousand or 1.2% unemployed and other 0.7% or 275
thousand seasonal employed. Compared to one year before, an increase of 120
thousand more unemployed people.39

Thailand is one of the country with the lowest unemployment rate in the world.40
The highest unemployment rate until now was in 1998 with 4.36% as a result of the
Asian Financial Crisis in 1997. Since then the unemployment rate continued to
decline and even stayed below 1% since the year 2011.41

The low unemployment rate in Thailand is because of structural problems, the lack
of insurance and the low fertility rate. More than 40% of Thailand’s population are
engaged in the agricultural sector, and even though there is high underemployment
and off-season unemployment, those people will still be counted as employed. Also,
people who don’t have formal work arrangements can always find work in the
informal sector which includes taxi and motorbike drivers, street vendors, the self-
employed and those who are active in the “grey areas of the economy”42 like
prostitution. Furthermore, because no proper unemployment insurance exists in

39
Cf. National Statistical Office (2017).
40
Cf. Pattaya Mail (2015).
41
Cf. The Worldbank (2017j).
42
Fernquest, J. (2015).

8
Thailand, there is no reason to stay jobless for a long period. So by just seeking a
part-time job, you will be counted as employed too.43

Another factor that contributes to the low unemployment rate is the low fertility
rate which means that more people are retiring while at the same time fewer people
are available for work. And also foreign workers from other countries who are
unregistered and undocumented are not considered by the unemployment number.44

5. Economic Structure
5.1 Agricultural sector
Due to the ideal geographic position and the optimal climate Thailand is granted
with, it enables the country to operate heavily in the agricultural sector to facilitate
economic growth. The subsectors can be classified into five types, ranked in order
of their share value of overall agricultural sector: Crops (70%), fisheries (17%),
livestock (10%), agricultural services (2%) and forestry (1%).45

Generally, the agricultural sector grows and accounts for 10% of the GDP, but
because the industry and the service sectors grow even faster, its contribution to
GDP is declining. With a share of 11.6% of GDP in 2011, it has fallen annually to
8.7% in 2015. In 2016, its share of total GDP was just about 8.3%.46 These numbers
do not point out that the sector is losing its significance in the Thai economy but
that the other two sectors are just getting stronger. Even if this means that
dependence of Thailand’s economy on agriculture is also decreasing at the same
time, the sector still remains important because the majority of the population earns
their living from it.47 This explains why approximately 9% of the government’s
budget is generally reserved for the agriculture sector.48

Because Thailand’s economy has always been based on agriculture, recent

disturbances like droughts and inefficient government policies might influence the
sector negatively in the short term. But in the long term, the government’s plan for
the agriculture’s development could boost economy and make it possible for
Thailand to keep its position as an important center for agriculture.49

43
Cf. Fernquest, J. (2015).
44
Cf. Pattaya Mail (2015).
45
Cf. Oxford Business Group (w/o Y).
46
Cf. The World Bank (2017a).
47
Cf. Bajpai, P. (2015).
48
Cf. Singhapreecha, C. (2014).
49
Cf. Oxford Business Group (w/o Y).

9
5.2 Industry sector
The industry sector accounts on average for more than 36% to Thailand’s GDP, a
share value which has continuously grown over the years, but has just started to
decrease slowly from 2010 with the highest share value of 40% to 35.8% in 2016.50
This clearly shows the significance of the industry sector for the Thai economy,
even though it employs only about 17% of the labor force.51

The industrial sector comprises the segments: manufacturing, mining, water and
gas, construction and electricity. Among those, manufacturing makes up the main
industry in Thailand. It does not only process the agriculture’s harvests to food, but
also produces diverse goods such as petrochemicals, textiles and garments,
computer equipment, iron and steel, electronics and automobiles and automobile
parts. The large production of manufactured goods is mainly for export purposes,
wherefore manufacture plays a huge role in the share of exports and contributes to
the national income to very high extent.

The fast growth of the industry sector can be explained by the free market forces
that exist, the limited assistance of the government and the quick adjustments of the
private sector to changing market demands.52

5.3 Service sector

The service sector, which compromises transportation, wholesale, retail-trade,
banking, restaurants, medical, tourism and all services that are related to travel,
holds with more than 45% the biggest share of Thailand’s GDP while it provides
employment to about 40% of the labor force, with numbers continuing to grow.53
This shows the importance of the sector for the country’s economy and without it,
Thailand’s GDP would miss a heavy contributor and might not demonstrate that
strength that it is showing now.

The most important subsector within the service sector is, without a doubt, the
tourism sector which contributes to GDP more than any other Asian country.54
Every year Thailand attracts million tourists from all around the world. In 2016,
last year, Thailand welcomed 32.59 million visitors, the highest number of visitors

50
Cf. The World Bank (2017g).
51
Cf. Bajpai, P. (2015).
52
Cf. Nations Encyclopedia (w/o Yb).
53
Cf. Bajpai, P. (2015); Cf. The World Bank (2017i).
54
Cf. VOA (2017).

10
it has ever had. This huge number has brought about 2.52 trillion Baht (71.4 billion
USD) into the country, 11% more than 2015. And it is even anticipated, that year
2017 will even bring a tourism revenue of 2.77 trillion Baht (78.5 billion USD) to
Thailand.55

5.4 Branches of high importance

As just said, Tourism is a leading branch of high importance for the Thai economy
because it also promotes related industries. Touristic activities like eating in
restaurants, living in hotels, taking vehicles for tours and shopping in Thai stores
will lead to high inflow of money and give great benefits to the Thai economy.56

Another branch of high importance which can also be considered as a part of

tourism is the sex industry. Because of Thailand’s image as a paradise for sex, and
not only because of its diverse landscape, many tourists, especially male tourists,
visit the country for physical pleasure. The sex industry helps the country to earn
more than 200 billion Baht annually, with around 1 million Thai women working
in this branch.57 About 100,000 of them are still minors, with some girls seeing the
sell of their bodies as a way out of their poverty while others are being forced and
prostituted. Prostitution is illegal in Thailand but abolishing the whole sex industry
would not even be possible because it would leave thousands of people unemployed
and destroy a source of income for the country. Because of these reasons, the sex
industry still thrives.58

And although the sex services bring many diseases like AIDS along, the sex industry
will always be a branch of high importance for the Thai economy. But if Thailand
can feel proud about this fact, that is an other question.

6. Foreign Trade
6.1 Foreign trade broken down by major regions/ countries
Thailand’s economy is considered as really open, because the country trades goods
and services with other countries all around the world. With exports making up 75%
of the country’s GDP, Thailand is heavily export-oriented in order to make the

55
Cf. Economywatch (2010).
56
Cf. Tourism in Thailand (2012).
57
Cf. The Nation (2012).
58
Cf. Hodge, M./Lockett, J./ Williams, L. (2017).

11
economy grow. From a continental view it can be said that approximately 62.5% of
Thai exports by value go to other Asian countries, 13.5% to North America, another
13% to Europe and just 3% to Africa.59 That shows how strongly Thailand depends
on the other Asian countries for its exports.

In 2016, Thailand shipped goods and products, which were 213.6 billion USD
worth, around the globe, representing roughly 1.3% of the whole global exports. In
comparison, the value of imported goods was only 195.7 billion USD worth,
representing 1.2% of the whole global imports.60 75.2% of Thai imports by value
originate from the other Asian countries, 12.6% from Europe, 7% from North
America and only 1% from Africa, when we look from a continental perspective.61
This shows that other Asian countries are not only highly important destinations for
selling but also for purchasing goods as well.

Illustration 3 shows the 5 top export and import partners from Thailand in 2016.
As can be seen, the three top export partners USA, China and Japan are at the same
time the three top import partners from Thailand. Therefore, these three countries
play a significant role for the Thai economy when it comes to trade.

Thailand’s Top Trading Partners in 2016

Export Export % of total Import Import % of total

partner Volume exports partner volume Imports

USA 24.4 billion USD 11.4% China 42.3 billion USD 21.6%
China 23.6 billion USD 11.0% Japan 30.9 billion USD 15.8%

Japan 20.4 billion USD 9.6% USA 12.2 billion USD 6.2%

Hong Kong 11.4 billion USD 5.3% Malaysia 11.0 billion USD 5.6%

Australia 10.2 billion USD 4.8% Korea 7.3 billion USD 3.7%

Illustration 3: Thailand’s Top Trading Partners in 2016

Source: Own illustration based on World’s Richest Countries (2017a) & (2017b).

We can also gather the information that Thailand had a surplus with the USA (+12.2
billion USD) showing its competitive advantages with them. But on the other hand,
it had trade deficits with China (-18.7 billion USD) and Japan (-10.4 billion USD)
which indicates the competitive disadvantages Thailand might have with them. By
analyzing the reasons for those deficits, it gives Thailand the opportunity to develop

59
Cf. Workman, D. (2017a).
60
Cf. World’s Richest Countries (2017a); Cf. World’s Richest Countries (2017b).
61
Cf. Workman, D. (2017b).

12
country-specific strategies to reduce the trade deficits and strengthen the country’s
overall position in international trade.62

However, when we look at the trade balance as a whole, it shows us that since year
2015 Thailand has a positive trade balance with more exports than imports.63

6.2 Foreign trade broken down by commodities

While we previously focused on Thailand’s trade partners, we will now look at the
composition of its trade according to the commodities which Thailand trades with
them. Thailand is a country which trades a variety of different goods, from natural
resources to processed and manufactured products. The goods which were
demanded the most by the Thai population, but also the goods foreign people
demanded the most from Thailand in year 2016, are shown in Illustration 4 below.

Thailand’s Top Traded Goods in 2016

Export Export % of total Import Import % of total
goods Volume exports goods Volume imports
Electronic
Machinery 37.2 billion USD 17.4% equipment 38.5 billion USD 19.7%
Electronic
equipment 29.7 billion USD 13.9% Machinery 26.2 billion USD 13.4%
Mineral
Vehicles 27.2 billion USD 12.7% fuels
Gems, including
precious oil 24.6 billion USD 12.6%
metals 14.2 billion USD 6.6% Iron and
steel 9.5 billion USD 4.9%

Rubber 12.2 billion USD 5.7% Vehicles 8.8 billion USD 4.5%

Illustration 4: Thailand’s Top Traded Goods in 2016

Source: Own illustration based on World’s Richest Countries (2017a) & (2017b)

Some product categories which are exported highly are also highly imported. That
can be explained by the divergence between supply and demand for those goods.

Even though for example, machines are locally available, supply can not cover the
demand. That is why Thailand has to import more modern and high-technology
machines from other countries for better and larger production of other machines
in the own country, thus allowing the high export value of machineries in return.64
The same case can be applied to the electronic equipment and vehicles as well.

62
Cf. Workman, D. (2017a).
63
Cf. Vanhaleweyk, G. (2016).
64
Cf. Thailand Board of Investment (w/o Y).

13
Thailand is one of the world’s largest exporters of vehicles with a production
number of nearly 2 million each year.65 Furthermore, it also ranks very high among
the top exporters of machinery and electronic goods, everything which corresponds
to the information from Illustration 4. Because Thailand possesses an abundant of
rubber, it can export them in a high amount, making Thailand earn the title of being
rubber-exporter number 1 without big efforts.66 And although not being listed in
the top 5 export products of 2016, Thailand is also generally among the world’s
largest exporter of rice, sugar, fuel and iron.

6.3 Foreign Direct Investment

“Foreign direct investment has always been an important element of Thailand’s
economic development process”67, because it promotes employment, technology
transfer and helps to recapitalize weak industries, giving the country the possibility
to keep up with the global competitors.68 Foreign investment is strongly welcomed
in Thailand, even though there are some restrictions for certain businesses. 69

The main law, which regulates foreign activities in Thailand is the Foreign Business
Act, which was implemented in 1999 and is still valid today. According to it, certain
businesses are only reserved for Thai nationals, if foreigners want to invest in them,
the investment has to comprise less than 50% of the share capital, unless special
permissions or exemptions are granted.70 With this law, the Thai government is able
to restrict foreign ownership, limits foreign control in the country and can avoid
being dependent on a single country as a source of investment. But even with this
restriction, the country has still been a major destination for foreign direct
investment in recent decades with many businesses having successfully invested in
it. Japan is the largest source, followed by the Netherlands, the USA, Singapore,
Hong Kong, Malaysia, Taiwan and Switzerland. The main invested sectors include:
Services, Chemical goods, Agriculture, Machinery, Electronics, Minerals and Light
Industries.71

65
Cf. Marklines (2017).
66
Cf. Thailand Investment Review (2016).
67
Santander Trade Portal (2017).
68
Cf. Export Gov (2017c).
69
Cf. Royal Thai Embassy (w/o Ya).
70
Cf. Export Gov (2017c).
71
Cf. Santander Trade Portal (2017).

14
In 2016, according to the United Nations Conference on Trade and Development,
foreign direct investment flows to Thailand dropped heavily to 1.6 billion USD72
which can be explained by uncertainties and the lack of confidence from foreign
investors after Thailand has been a victim of political struggles and several terror
attacks. With that, the Office of the Board of Investment of Thailand, which is
responsible for the promotion of investments, most likely will have to increase its
efforts to attract foreign investors again. To promote inward foreign direct
investment, the Board of Investment generally offers a range of tax incentives like
tax reduction, deduction of specific costs or exemptions for import duty on essential
materials which will be used to produce goods for the export.73

Billion USD

Year

Illustration 3: Foreign Direct Investment (2006-2016)

Source: Own illustration based on Lester, K./ Koh, J. (2017)

When we look at the outward FDI flow in the last years, we can say that investing
abroad gained more and more on importance in Thailand. From a moderate
investment flow in average, Thailand has invested 13 billion USD abroad in 2016,
which is the new record high for the country. The biggest areas Thailand’s direct
investments mainly flow to are finance, extraction of crude petroleum and natural
gas, manufacturing of beverages and food and wholesale trade. The top
destinations receiving direct investments from Thailand are the countries in
Southeast Asia, especially Myanmar, Cambodia, Laos and Vietnam.74

72
Cf. Lester, K./ Koh, J. (2017).
73
Cf. HKTDC Research (2017).
74
Cf. Lester, K./ Koh, J. (2017).

15
In future, Thailand will very probably continue to be an attractive destination for
foreign direct investments as its raising ranking in the foreign direct investment
consumer index indicates. On the ranking of 2017, Thailand climbed up to rank 19th
in the global context.75 This shows that the investor confidence in Thailand is still
growing, leading investors to invest much more which conversely means that
Thailand can continue invest in other countries, too.

6.4 Labor exports

In March 2017, the Department of Employment counted 153,264 Thai people
working abroad. The number includes those who are already legally working
abroad and those who have recently received the permission to work abroad. Mainly
the employed are working in agriculture, in electrochemical components
manufacturing, in metal production, in textile manufacturing or doing general
labor. The top countries Thai workers head to are Taiwan, Israel, Korea, Japan and
Singapore. The main reason for the Thais to work abroad is to get better job
opportunities and be able to send high income back to their families. The amount
of money the 153,264 overseas workers transferred to their families in Thailand
through the Bank of Thailand showed 10.25 billion USD.76

When we compare the number of labor exports with the number of labor imports,
which is estimated with 2 million people77 currently, we can say that Thailand
imports much more foreign workers than it sends its own people to work abroad.
Thailand depends heavily on workers and if domestic workforce is not sufficient
then more foreign workers have to be recruited.

6.5 Participation in free trade areas

Since Thailand has realized that international trade is important for the economy, it
has started to pay more attention to Free Trade Areas (FTAs). At present, Thailand
has six separate FTAs with Australia, China, New Zealand, Japan, Peru and
Chile.78 But the free trade area between the Association of Southeast Asian Nations
(ASEAN) – of which Thailand is a founder and member of – is by far the most
important FTA for Thailand. The main principle of the ASEAN Free Trade Area

75
Cf. Fernquest, J. (2017a).
76
Cf. Tanakorn, S. (2017).
77
Cf. Fernquest, J. (2017b).
78
Cf. Kudo, A. (2016).

16
is, that goods which meet 40% of the ASEAN content requirement will face
maximum tariffs of only 5% as long as they are traded within the ASEAN region.79
As an ASEAN member, Thailand also participates in the FTAs between ASEAN
and Australia, China, India, Japan, New Zealand and Korea.80 And since 1995
Thailand is also a member of the World Trade Organization.81

6.6 Foreign exchange policy

Since 1997, Thailand has adopted a flexible exchange rate, allowing the value of
the Baht to be determined by demand and supply for the Baht in the foreign
exchange market, which result from expectations on the market, international
capital flows and international trade value.

The Bank of Thailand does not target the exchange rate at any specific level but
will intervene if it is necessary to bring demand and supply back to its equilibrium.
Generally, the Baht is allowed to fluctuate but only under three conditions: First,
the volatility of the exchange rate is within a range that the economy can still
tolerate; second, the national competitiveness remains maintained and third, that
any intervention will not lead to further economic imbalances.82

The Baht is traded in pairs with Asian and other major world region currencies. The
current exchange rate for 1 Thai Baht is 0.030 US Dollar, is 0.025 Euro, is 3.310
Japanese Yen and is 0.196 Chinese Renminbi.83 These exchange rates show that
imports from Japan for example are currently cheap for the Thais while Thailand’s
exports to them will become more expensive. With the rest of the countries
mentioned above, exactly the opposite is the case.

If it comes to the point where the Bank of Thailand has to intervene in the foreign
exchange market, then it will mainly do that by buying or selling Thai Baht against
US Dollar because it is the currency which is most widely traded.84

79
Cf. US-ASEAN (2016).
80
Cf. Kudo, A. (2016).
81
Cf. World Trade Organization (w/o Y).
82
Cf. Bank of Thailand (w/o Yb).
83
Cf. xe (2017); (Exchange rates on 09/07/2017).
84
Cf. Bank of Thailand (w/o Yc).

17
7. Major Problems and Potentials of Economy
Thailand is a country which has potential to grow because it has strong sectors
serving as the foundation for its economy. And there is a strong demand for Thai
products and services all around the globe that will always be the driver for the
export-oriented country.

However, the biggest obstacle which prevents the Thai economy to expand right
now, is its own military government. And that is a major problem. The military
government affects the country’s image which can be seen in the loss of foreign
investors confidence. And without foreign direct investments, particular businesses
and sectors can not be upgraded which on the other hand could boost the economy.
Furthermore, the military government prevents Thailand from finalizing on-going
negotiations for new Free Trade Areas with other countries. Negotiations with
Turkey and Pakistan for example are currently laid on ice and also a Free Trade
Area between Thailand and the EU, which would strengthen the Thai economy
heavily, is still delayed because the EU will not sign the contract until a democratic
elected government in Thailand exists. New Free Trade Areas would give Thailand
the possibility to tap into new markets worldwide and expand its own market and
benefit from low tariffs when importing necessary goods which it depends on.
So, to eliminate this obstacle, Thailand needs to hold a democratic election soon.

Thailand has always been considered as a success story because it was able to
develop itself from a low-income country to a middle-income country within
decades, thanks to its designed economic models. If it now orients its economic
direction towards its newest model Thailand 4.0, the chances that the country will
master the next transformation from a middle-income to a high-income country,
looks really promising.

By seeing the potentials and the future prospects of the Thai economy, the step to
receive the status of being finally a developed country also does not seem that far
away for Thailand anymore.

To finalize this paper, it can be said that Thailand really is a country full of
opportunities and if it makes use of the given opportunities wisely, a prosper future
will await the country.

18
List of References

Amadeo, K. (2017): What is the Ideal GDP Growth Rate?, in: The Balance,
https://www.thebalance.com/what-is-the-ideal-gdp-growth-rate-3306017. (online
publication from: 07/05/2017; accessed on: 08/20/2017)

Asian Development Bank (w/o Y): Thailand: Economy, in:

https://www.adb.org/countries/thailand/economy. (online publication; accessed on:
08/20/2017)

Bajpai, P. (2015): Emerging Markets: Analyzing Thailand’s GDP, in:

Investopedia, http://www.investopedia.com/articles/investing/081815/emerging-
markets-analyzing-thailands-gdp.asp#ixzz4qII3B8Tk. (online publication from
08/18/2015; accessed on 08/24/2017)

Bank of Thailand (w/o Ya): Banknotes, in:

https://www.bot.or.th/English/BOTStoryTelling/Pages/Banknotes_StoryTelling_F
I.aspx. (online publication; accessed on: 08/28/2017)

Bank of Thailand (w/o Yb): Exchange rate and effective exchange rates
(NEER&REER), in:
https://www.bot.or.th/English/MonetaryPolicy/MonetPolicyKnowledge/Pages/Ex
changeRate.aspx. (online publication, accessed on: 09/07/2017)

Bank of Thailand (w/o Yc): Foreign exchange policy and intervention in Thailand,
in: http://www.bis.org/publ/bppdf/bispap24x.pdf. (online publication; accessed on:
09/07/2017)

Bank of Thailand (w/o Yd): Monetary Policy, in:

https://www.bot.or.th/English/BOTStoryTelling/Pages/MonetaryPolicy_StoryTell
ing_AcademicAndFI.aspx. (online publication; accessed on: 08/28/2017)

BBC NEWS (2014): Thailand military seizes power in coup, in:

http://www.bbc.com/news/world-asia-27517591. (online publication from:
05/22/2017; accessed on: 08/12/2017)

Countriesquest (w/o Ya): Economy, Role of Government, in:

http://www.countriesquest.com/asia/thailand/economy/role_of_government.htm.
(online publication; accessed on 09/01/2017)

Countriesquest (w/o Yb): People and Society, Social Issues, in:

http://www.countriesquest.com/asia/thailand/people_and_society/social_issues.ht
m. (online publication, accessed on: 08/18/2017)

Deutsche Bank Research (2001): Aktuelle Themen: Thailand: Abkehr von

bewährter Zentralbankpolitik, in:
http://dbresearch.com/PROD/DBR_INTERNET_EN-
PROD/PROD0000000000034681/Thailand%3A_Abkehr_von_bewährter_Zentral
bankpolitik.pdf (online publication; accessed on: 08/28/2017)

19
Dixon, C. (2015): The Thai Economy under Military Rule, in: The Global Policy
Institute, http://www.gpilondon.com/publications/the-thai-economy-under-
military-rule-2/. (online publication from: 03/11/2015; accessed on: 09/01/2017)

EconoMaldives (2013): Mixed Economic System, in:

http://www.economaldives.net/2013/02/mixed-economic-system.html. (online
publication from 02/05/2013; accessed on: 09/01/2017)

Economywatch (2010): Thailand Economic Structure; in:

http://www.economywatch.com/world_economy/thailand/structure-of-
economy.html. (online publication from 03/31/2017; accessed on: 08/26/2017)

Encyclopedia Britannica (w/o Y): Thailand, in

https://www.britannica.com/place/Thailand/Land. (online publication; accessed on
08/12/2017)

Export Gov (2017a): Doing business in Thailand,

http://2016.export.gov/THAILAND/doingbusiness/index.asp. (online publication
from: 06/16/2017; accessed on: 09/06/2017)

Export Gov (2017b): Thailand – Foreign Exchange Controls, in:

https://www.export.gov/article?id=Thailand-foreign-exchange-controls. (online
publication from: 07/18/2017; accessed on 09/06/2017)

Export Gov (2017c): Thailand - 1-Openess to and Restriction on Foreign

Investment, in: https://www.export.gov/article?id=Thailand-Openess-to-
Investment. (online publication from: 07/17/2017; accessed on: 09/06/2017)

Fernquest, J. (2013): Single, no children: Thailand’s future?, in: Bangkok Post,

http://www.bangkokpost.com/learning/learning-news/372232/single-no-children-
thailand-future. (online publication from: 09/30/2017; accessed on 08/18/2017)

Fernquest, J. (2015): Why Thailand’s unemployment rate is ridiculously low, in:

Bangkok Post, http://www.bangkokpost.com/learning/work/466226/why-thailand-
unemployment-rate-is-ridiculously-low. (online publication from: 02/04/2015;
accessed on: 08/21/2017)

Fernquest, J. (2016): Thailand third most unequal country in world, in: Bangkok
Post, http://www.bangkokpost.com/learning/advanced/1147468/thailand-third-
most-unequal-country-in-world. (online publication from: 11/29/2016; accessed
on: 08/18/2017)

Fernquest, J. (2017a): Thailand: Top 20 ranking for FDI attractiveness, in:

Bangkok Post, http://www.bangkokpost.com/learning/advanced/1235373/thailand-
top-20-ranking-for. (online publication from: 04/20/2017; accessed on:
09/06/2017)

Fernquest, J. (2017b): New foreign labour law: Harm potential to Thai economy,
in: Bangkok Post, http://www.bangkokpost.com/learning/advanced/1277819/new-
foreign-labour-law-harm-potential-to-thai-economy. (online publication from:
06/29/2017; accessed on: 08/18/2017)

20
FocusEconomics (w/o Ya): GDP in Thailand, in: https://www.focus-
economics.com/country-indicator/thailand/gdp. (online publication; accessed on:
08/20/2017)

FocusEconomics (w/o Yb): Inflation in Thailand, in: https://www.focus-

economics.com/country-indicator/thailand/inflation. (online publication; accessed
on: 08/21/2017)

FocusEconomics (2017): Thailand: Bank of Thailand stays put in March, in:

http://www.focus-economics.com/countries/thailand/news/monetary-policy/bank-
of-thailand-stays-put-in-march. (online publication from: 03/29/2017; accessed on:
08/28/2017)

GlobalEDGE (w/o Y): Thailand: Introduction, in:

https://globaledge.msu.edu/countries/thailand. (online publication, accessed on:
09/01/2017)

Hays, J. (2014): Religion in Thailand, in: Facts and Details,

http://factsanddetails.com/southeast-asia/Thailand/sub5_8b/entry-3212.html.
(online publication; accessed on: 08/12/2017)

HKTDC Research (2017): Thailand: Market Profile, in: http://emerging-markets-

research.hktdc.com/business-news/article/Asia/Thailand-Market-
Profile/mp/en/1/1X000000/1X003IMW.htm. (online publication from 09/06/2017;
accessed on: 09/06/2017)

Hodge, M./Lockett, J./ Williams, L. (2017): Inside the world’s sex capital Pattaya,
Thailand dubbed the ‘modern-day Sodom and Gomorrah’ where 27,000 prostitutes
offer service to over a million tourists, in: The Sun,
https://www.thesun.co.uk/news/2886634/pattaya-thailand-sodom-gomorrah-
prostitutes-toursits/. (online publication from: 02/17/2017; accessed on:
09/05/2017)

Indexmundi (2017): Thailand Birth rate, in:

https://www.indexmundi.com/thailand/birth_rate.html. (online publication;
accessed on: 08/18/2017)

Johnson, S. (2015): Thailand falls further into deflation, in: Financial Times,
https://www.ft.com/content/4e92a126-093f-11e5-8534-00144feabdc0. (online
publication from: 06/02/2015; accessed on: 08/21/2017)

Kudo, A (2016): Thailand’s Free Trade Agreements: Minimizing Costs for

Businesses, in: Tilleke & Gibbins, http://www.tilleke.com/resources/thailand’s-
free-trade-agreements-minimizing-costs-businesses. (online publication from:
07/27/2016; accessed on 09/11/2017)

Laenderdaten (w/o Y): Entwicklung der Inflationsraten in Thailand, in:

https://www.laenderdaten.info/Asien/Thailand/Inflationsraten.php. (online
publication; accessed on: 08/21/2017)

21
Lester, K./ Koh, J. (2017): Thai Firms Bypass Military Government to invest a
Record $13 Billion Abroad, in: Bloomberg,
https://www.bloomberg.com/news/articles/2017-06-19/thai-firms-bypass-
military-government-to-invest-record-abroad. (online publication from:
06/19/2017; accessed on: 09/06/2017)

Marklines (2017): Thailand – Flash report, Production volume, 2016, in:

https://www.marklines.com/en/statistics/flash_prod/productionfig_thailand_2016.
(online publication from 01/19/2017; accessed on: 09/04/2017)

Ministry of Labour (2016a): Ministry of Labour Revealed Thai Workers Abroad

Sending Over 7 Billion Baht Home in January 2016; in:
http://www.mol.go.th/en/content/ministry-labour-revealed-thai-workers-abroad-
sending-over-7-billion-baht-home-january-2016. (online publication, accessed on:
09/08/2017)

Ministry of Labour (2016b): Ministry of Labour Reveals Statistics of Thai

Workers Abroad from 2014 to May 2016 Returning Income of Over 200 Billion
Baht, in: http://www.mol.go.th/en/content/51698/1468672767. (online publication;
accessed on 09/08/2017)

National Statistical Office (2017): Summary of the labor force survey in Thailand:
January 2017, in:
http://web.nso.go.th/en/survey/data_survey/200260_summary_Jan_2017.pdf.
(online publication from: 02/20/2017; accessed on: 08/21/2017)

Nations Encyclopedia (w/o Ya): Thailand – Agriculture, in:

http://www.nationsencyclopedia.com/economies/Asia-and-the-Pacific/Thailand-
AGRICULTURE.html. (online publication, accessed on: 08/24/2017)

Nations Encyclopedia (w/o Yb): Thailand – Industry, in:

http://www.nationsencyclopedia.com/economies/Asia-and-the-Pacific/Thailand-
INDUSTRY.html#ixzz4qIFXrwJB. (online publication; accessed on: 08/25/2017)

Nations Encyclopedia (w/o Yc): Thailand – International Trade, in:

http://www.nationsencyclopedia.com/economies/Asia-and-the-Pacific/Thailand-
INTERNATIONAL-TRADE.html#ixzz4rM5xrOWI. (online publication; accessed
on: 09/04/2017)

Nations Encyclopedia (w/o Yd): Thailand – Poverty and wealth, in:

http://www.nationsencyclopedia.com/economies/Asia-and-the-Pacific/Thailand-
POVERTY-AND-WEALTH.html#ixzz4qIue5dlR. (online publication; accessed
on: 08/18/2017)

Oxford Business Group (w/o Y): Thailand’s agricultural exports strongly placed,
in: https://www.oxfordbusinessgroup.com/overview/world’s-kitchen-despite-
some-short-term-hurdles-thailand-continues-rank-among-world’s-leading. (online
publication; accessed on: 08/24/2017)

22
Oxford Business Group (2014): Thailand focuses on free trade agreements, in:
http://www.oxfordbusinessgroup.com/news/thailand-focuses-free-trade-
agreements. (online publication from: 03/20/2017; accessed on: 09/13/2017)

Oxford Business Group (2017): Thailand promotes organic agriculture with new
incentives, in: https://www.oxfordbusinessgroup.com/news/thailand-promotes-
organic-agriculture-new-incentives. (online publication from 07/25/2017; accessed
on 08/24/2017)

Pattaya Mail (2015): Bloomberg: Thailand has one of the lowest unemployment
rates, in: http://www.pattayamail.com/thailandnews/bloomberg-thailand-has-one-
of-the-lowest-unemployment-rates-45459. (online publication from: 03/05/2015;
accessed on: 08/21/2017)

PressReader (2017): Playing with taxes could prove costly, in:

https://www.pressreader.com/thailand/bangkok-
post/20170321/281706909500656, (online publication from 03/21/2017; accessed
on 08/28/2017)

Reference (w/o Y): What is the role of the government in a mixed economy?, in:
https://www.reference.com/world-view/role-government-mixed-economy-
8b7563c8682280f5. (online publication; accessed on: 08/28/2017)

Reuters (2017): Thai c.bank assistant gov says monetary policy needs to stay
accommodative, in: http://www.reuters.com/article/thailand-economy-rates/thai-c-
bank-assistant-gov-says-monetary-policy-needs-to-stay-accommodative-
idUSL4N1K524N. (online publication from 07/14/2017; accessed on: 08/28/2017)

Royal Thai Embassy (w/o Ya): Doing business in Thailand, in:

http://www.thaiembassy.org/bsb/en/travel/4716. (online publication, accessed on:
09/06/2017)

Royal Thai Embassy (w/o Yb): Thailand Overview, in:

http://www.thaiembassy.org/bsb/en/travel/4713. (online publication; accessed on
08/12/2017)

Royal Thai Embassy, Washington D.C. (w/o Y): -Thailand 4.0-, in

http://thaiembdc.org/thailand-4-0-2/. (online publication; accessed on: 09/01/2017)

Santander Trade Portal (2017): THAILAND: FOREIGN INVESTMENT, in:

https://en.portal.santandertrade.com/establish-overseas/thailand/foreign-
investment. (online publication; accessed on: 09/06/2017)

Sawe, B. (2017): The Economy Of Thailand, in: worldatlas,

http://www.worldatlas.com/articles/the-economy-of-thailand.html. (online
publication from: 04/25/17; accessed on: 09/04/2017)

Seetubtim, N. (2004): Thailand FTAs, in: Association Of Southeast Asian Nation,

http://www.asean.org/storage/images/archive/ACCSQ%20-
%20Bulletin%2018/Article%20-%20THAILAND%201.pdf. (online publication;
accessed on: 09/13/2017)

23
Singhapreecha, C. (2014): Economy and Agriculture in Thailand, in: FFTC
Agricultural Policy Platform, http://ap.fftc.agnet.org/ap_db.php?id=246Oxford.
(online publication from: 09/05/2014; accessed on: 08/24/2017)

Statista (2017): Thailand: Inflation rate from 2010 to 2020 (compared to the
previous year), in: https://www.statista.com/statistics/332274/inflation-rate-in-
thailand/. (online publication; accessed on 08/21/2017)

Symonds, P. (2010): Der Klassenkampf in Thailand, in: World Socialist Web Site,
https://www.wsws.org/de/articles/2010/04/thai-a16.html. (online publication from:
04/16/2010; accessed on: 08/18/2017)

Tanakorn, S. (2017): News Update: 150,000 Thais working abroad in March

(24/04/2017), in: Royal Thai Consulate – General,
http://www.thaiembassy.org/chennai/en/news/4113/77065-150,000-Thais-
working-abroad-in-March-(24042017).html. (online publication from 04/24/2017;
accessed on: 09/08/2017)

Tempest, M. (2016): Thailands Wirtschaft: Freihandel, Fischerei und Obstbranche

auf dem Prüfstand, in: Euractiv, http://www.euractiv.de/section/eu-
aussenpolitik/news/thailands-economy-free-trade-fishing-and-fruit-industries-in-
the-spotlight/. (online publication from: 03/16/2017; accessed on: 09/10/2017)

Thailand Board of Investment (w/o Y): THAILAND’S MACHINERY

INDUSTRY, in: http://www.boi.go.th/upload/content/BOI-brochure_2016-
machinery-20151222_81490.pdf. (Online publication; accessed on: 09/04/2017)

Thailand Investment Review (w/o Y): THAILAND’S FREE TRADE

AGREEMENTS, in: http://www.boi.go.th/tir/issue/200507_17_6/17.htm. (online
publication; accessed on: 09/10/2017)

Thailand Investment Review (2016): THAILAND: THE WORLD’S LEADER

IN NATURAL RUBBER PRODUCTION, in:
http://www.boi.go.th/upload/content/TIR_AUGUST_PROOF_10_44271.pdf.
(online publication; accessed on: 09/04/2017)

The Government Public Relations Department (2016): National Development

in Accordance with the Thailand 4.0 Policy, in:
http://thailand.prd.go.th/ewt_news.php?nid=3424&filename=index. (online
publication from 06/04/2016; accessed on: 09/01/2017)

The Guardian (2016): Thailand’s crown prince succeeds to throne, in:

https://www.theguardian.com/world/2016/dec/01/thailand-crown-prince-
succeeds-to-throne. (online publication from: 12/01/2016; accessed on:
08/12/2017)

The Nation (2012): Chuwit demands govt take actions to stamp out prostitution,
in: http://www.nationmultimedia.com/national/Chuwit-demands-govt-take-action-
to-stamp-out-prost-30175704.html. (online publication from 02/13/2012; accessed
on: 09/05/2017)

24
The Worldbank (2017a): Agriculture, value added (% of GDP), in
https://data.worldbank.org/indicator/NV.AGR.TOTL.ZS?locations=TH. (online
publication; accessed on: 08/24/2017)

The Worldbank (2017b): Arable land (% of land area), in

https://data.worldbank.org/indicator/AG.LND.ARBL.ZS?locations=TH. (online
publication; accessed on 08/12/2017)

The Worldbank (2017c): Employment in services (% of total employment), in:

https://data.worldbank.org/indicator/SL.SRV.EMPL.ZS?locations=TH. (online
publication, accessed on: 08/25/2017)

The Worldbank (2017d): Fertility rate, total (birth per woman), in

https://data.worldbank.org/indicator/SP.DYN.TFRT.IN?locations=TH. (online
publication; accessed on 08/18/2017)

The Worldbank (2017e): GDP growth (annual %), in:

https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?locations=TH.
(online publication; accessed on: 08/20/2017)

The Worldbank (2017f): GDP (current US$), in:

https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=TH. (online
publication; accessed on: 08/20/2017)

The Worldbank (2017g): Industry, value added (% of GDP), in

https://data.worldbank.org/indicator/NV.IND.TOTL.ZS?end=2016&locations=T
H&start=1997. (online publication, accessed on 08/25/2017)

The Worldbank (2017h): Overview, in:

http://www.worldbank.org/en/country/thailand/overview#1. (online publication;
accessed on: 08/12/2017)

The Worldbank (2017i): Services, etc., value added (% of GDP), in:

https://data.worldbank.org/indicator/NV.SRV.TETC.ZS. (online publication,
accessed on: 08/26/2017)

The Worldbank (2017j): Unemployment, total (% of total labor force) (modeled

ILO estimate), in:
https://data.worldbank.org/indicator/SL.UEM.TOTL.ZS?end=2016&locations=T
H&start=1997. (online publication; accessed on: 08/21/2017)

Tourism in Thailand (2012): Economic Impact of Tourism in Thailand, in:

https://tourthaitour.wordpress.com/pages/economic-impact-of-tourism-in-
thailand/. (online publication from: 03/08/2012; accessed on: 09/05/2017)

Trading Economics (w/o Y): Thailand | Economic Forecasts | 2017-2020 Outlook,

in: https://tradingeconomics.com/thailand/forecast. (online publication; accessed
on: 08/20/2017)

25
Trading Economics (2017): Thailand Government Cash Receipts, in:
https://tradingeconomics.com/thailand/government-revenues. (online publication,
accessed on: 08/28/2017)

US – ASEAN (2016): Common Effective Preferential Tariff (CEPT), in:

https://www.usasean.org/regions/asean/afta/common-effective-preferential-tariff.
(online publication from 09/17/2017; accessed on 09/11/2017)

Vanhaleweyk, G. (2016): Thailand: Trade Balance, Exports and Import (2016), in:
Thaiwebsites, http://www.thaiwebsites.com/imports-exports.asp. (online
publication; accessed on: 09/04/2017)

VOA (2017): Record 32.59 Million Foreign Tourists Visit Thailand in 2016, in:
https://www.voanews.com/a/ap-record-32-million-foreign-tourists-visit-thailand-
in-2016/3699721.html. (online publication from 01/31/2017; accessed on
08/26/2017)

Wonderluhst (2016): The impacts of sex tourism on Thailand, in:

http://wonderluhst.net/the-impacts-of-sex-tourism-on-thailand/. (online
publication from 02/02/2017; accessed on 09/05/2017)

Workman, D. (2017a): Thailand’s Top Trading Partners, in: World’s Top Exports,
http://www.worldstopexports.com/thailands-top-import-partners/. (online
publication from: 02/06/2017; accessed on: 09/04/2017)

Workman, D. (2017b): Thailand’s Top 10 Imports, in: World’s Top Exports,

http://www.worldstopexports.com/thailands-top-10-imports/6653/. (online
publication from: 02/07/2017; accessed on: 09/04/2017)

Worldometers (2017): Thailand Population (LIVE), in:

http://www.worldometers.info/world-population/thailand-population/. (online
publication; accessed on 08/12/2017)

World’s Richest Countries (2017a): Top Thailand Exports to the world, in:
http://www.worldsrichestcountries.com/top_thailand_exports.html. (online
publication; accessed on: 09/04/2017)

World’s Richest Countries (2017b): Top Thailand Imports from the world, in:
http://www.worldsrichestcountries.com/top_thailand_imports.html. (online
publication; accessed on: 09/04/2017)

World Trade Organization (w/o Y): Thailand and the WTO, in:
https://www.wto.org/english/thewto_e/countries_e/thailand_e.htm. (online
publication; accessed on: 09/11/2017)

XE (2017): THB – Thai Baht, in: http://www.xe.com/currency/thb-thai-baht.

(online publication; accessed on: 09/07/2017)

26