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Economy of Thailand

Thailand is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Thailand may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Thailand exports around $225.4 billion and imports roughly $219 billion. 1.1% of population in the country are unemployed. The total number of unemployed people in Thailand is 761,015. In Thailand, 13.2% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Thailand is low, indicating that it has a stable economy. Investors should consider Thailand to be a safe location for investments and other financial ventures. Government expenditure on education is 4.1% of GDP. The Gini Index of the country is 39.4. Thailand is experiencing good equality. The majority of citizens in Thailand fall within a narrow range of income, although some cases may show significant differences. Thailand has a Human Development Index (HDI) of 0.722. Thailand has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The Global Peace Index (GPI) for Thailand is 2.303. The strength of legal rights index for Thailand is 3. Overall, it is considered to be rather inadequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders to some degree; credit information may be sufficient, but hardly available, or, the oppoiste case, available but not sufficient.

Currency

The currency of Thailand is Thai baht. The plural form of the word Thai baht is bahts. The symbol used for this currency is ฿, and it is abbreviated as THB. The Thai baht is divided into Satang; there are 100 in one baht.

Credit rating

According to the S&P credit-rating agency, Thailand has a credit rating score of BBB+, and the prospects of this rating are stable. According to the Fitch credit-rating agency, Thailand has a credit rating score of BBB+, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Thailand has a credit rating score of Baa1, and the prospects of this rating are stable.

Central bank

In Thailand, the institution that manages the state's currency, money supply, and interest rates is called Bank of Thailand. Locally, the central bank of Thailand is called ธนาคารแห่งประเทศไทย. The average deposit interest rate offered by local banks in Thailand is 2%.

Public debt

Thailand has a government debt of 43.3% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in Thailand is set at 20%. Personal income tax ranges from 0% to 35%, depending on your specific situation and income level. VAT in Thailand is 7%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Thailand is $1069569 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Thailand was last recorded at $15 million. PPP in Thailand is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Thailand is 420,167 billion. Based on this statistic, Thailand is considered to have a large economy. Countries with large economies support a wide variety of industries and businesses, providing ample opportunities for investment. Large economies support a substantial financial sector, making it easy to organize investments and financial transactions. It should be very easy to find good opportunities for investment in Thailand. The Gross Domestic Product (GDP) per capita in Thailand was last recorded at $6 million. The average citizen in Thailand has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Thailand averaged 1% in 2014. According to this percentage, Thailand is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Thailand.

Industry

Major industries in the country are tourism, textiles and garments, agricultural processing, beverages, tobacco, cement, light manufacturing such as jewelry and electric appliances, computers and parts, integrated circuits, furniture, plastics, automobiles and automotive parts, agricultural machinery, air conditioning and refrigeration, ceramics, aluminum, chemical, environmental management, glass, granite and marble, leather, machinery and metal work, petrochemical, petroleum refining, pharmaceuticals, printing, pulp and paper, rubber, sugar, rice, fishing, casava, world's second-largest tungsten producer and third-largest tin producer. The total labor force of Thailand is 39,136,450 people, wherein 1.1% of population in the country are unemployed. The total number of unemployed people in Thailand is 761,015. The Industrial Production growth rate of Thailand is -3.1%.To read more about industrial information within Thailand click on industry of Thailand.

Agriculture

There are 140941 km2 of arable land in Thailand, and it comprises 27% of the country's total territory. There are 176407 km2 of cultivated land in Thailand. The country's major agricultural crops and products are rice, cassava, rubber, corn, sugarcane, coconuts, soybeans.To read more about agriculture click on agriculture of Thailand.