??s economic growth has weakened over the past few years and there has been a reduction in demand for Thai goods and services in the domestic and international markets. To cope up with the situation the Prime Minister Vejjajiva announced two growth packages each worth $43.4 billion. It is projected that the Thai economy will see a positive growth of 2.5% in 2010. (TDS)
The Thai economy is dependent upon the export of agricultural products, fish products, automobile parts, petrochemicals, and the electronics sector. The largest contributor the economy in terms of employment is agriculture which accounts for almost 50% of the population but contributes only 10% towards the GDP. The main cash crop is rice (Thailand is the largest exporter of rice in the world) which is followed by rubber, sugarcane, coconuts, and soybeans. The fishing industry is also amongst the important sectors in the Thai economy as Thailand is a major exporter of shrimps. (TCEE)
Thailands manufacturing sector is the largest contributor to growth of the economy and contributes 44.10 % towards the GDP (Phrasebase). The country manufactures technological products such as integrated circuits and parts, hard drives for computers, electronic equipment, vehicles and vehicle parts.
The service sector also plays a vital role in the Thai economy and ranges from financial services to tourism. Compared to other Asian countries tourism is one of the most important contributors in the service industry. Tourists visit Thailand in huge numbers because of the beaches and for relaxation. Tourism remains the leading source of foreign exchange for the country and it also helps to strengthen other industries such as handicrafts and small businesses. Unfortunately, tourism has seen a decline in the previous year due to the political insurgency.
Thailands largest export market is the United States and it’s the third-largest supplier of goods to the United States. The traditional markets for Thai goods have been