Economy of Thailand

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$536 billion) in 2022, the 9th largest economy of Asia. As of 2018, Thailand has an average inflation of 1.06The industrial and service sectors are the main sectors in the Thai gross domestic product, with the former accounting for 39.2 percent of GDP. Thailand's agricultural sector produces 8.4 percent of GDP—lower than the trade and logistics and communication sectors, which account for 13.4 percent and 9.8 percent of GDP respectively. The construction and mining sector adds 4.3 percent to the country's gross domestic product. Other service sectors (including the financial, education, and hotel and restaurant sectors) account for 24.9 percent of the country's GDP. Telecommunications and trade in services are emerging as centers of industrial expansion and economic competitiveness. Thailand is the second-largest economy in Southeast Asia, after Indonesia. Its per capita GDP 247,828 baht (US$7,651) in 2022 ranks fourth in Southeast Asian per capita GDP, after Singapore, Brunei, and Malaysia. In July 2018, Thailand held US$237.5 billion in international reserves, the second-largest in Southeast Asia (after Singapore). Its surplus in the current account balance ranks tenth of the world, made US$37.898 billion to the country in 2018. Thailand ranks second in Southeast Asia in external trade volume, after Singapore. The nation is recognized by the World Bank as "one of the great development success stories" in social and development indicators. Despite a per capita gross national income (GNI) of US$7,090 and ranking 66th in the Human Development Index (HDI), the percentage of people below the national poverty line decreased from 65.