The economy of Thailand is dependent on exports, which accounted in 2021 for about 58 per cent of the country's gross domestic product (GDP). Thailand itself is a newly industrialized country, with a GDP of 17.367 trillion baht (US$495 billion) in 2022, the 9th largest economy in Asia.
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What is the economy and government of Thailand?
Thailand's overall regulatory environment is relatively well institutionalized but lacks efficiency. The country's business freedom score is above the world average; its labor freedom score is above the world average; and its monetary freedom score is below the world average.
What is the main source of economy in Thailand?
Thailand has a mixed economy with the major economic sectors being agriculture, manufacturing, tourism, service and natural resource.
What is the economic condition of Thailand?
Economic structure:
In 2021, services accounted for 57% of overall GDP, manufacturing 27%, other industrial activity 7%, and agriculture 9%. Looking at GDP by expenditure, private consumption accounted for 52% of GDP in 2021, government consumption 18%, fixed investment 29%, and net exports 1%.
What type of economic system does Thailand have?
Thailand has a mixed economic system in which there is a variety of private freedom, combined with centralized economic planning and government regulation. Thailand is a member of the Asia-Pacific Economic Cooperation (APEC) and the Association of Southeast Asian Nations (ASEAN).
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