Thailand, a country located In the center of the Indochina peninsula currently boasts an unemployment rate of 7%. Thailand economy has slowly developed over time only to turn into one of the greater success stories. In the beginning stages of the countries growth, pre-1950, those heavily indebted might have sold themselves as slaves. As the country continued to grow they gained a boost once the Cold War took place. Soon after Thailand saw a huge change In Its economy as International economics played a huge role.
From 1955-1959, Thailand was able to secure an unprecedented degree of economic aid from the USA by focusing on the economy instead of military politics. During the time this took place, Thailand was under the Ploughshare Government that made important changes to Its fiscal and monetary policies. These changes were the cancellation of the multiple exchange rate system and the introduction of the fixed & unified exchange rate system. As Thailand economy was developing, they also faced setbacks. American investment decreased during this time as well as their current account.
The Thailand economy is currently improving and doing far better from where they started as they are now an upper-middle income country. Though Thailand has a 33rd rank in the Human Development Index, the country within 22 years decreased their poverty line from 44% to 17%. Thailand also has the fourth lowest unemployment rate at . 5 percent. Thailand is one of the few countries in the world that holds one of the largest economies while having one of the lowest per capital’s with a per capita of 167,THEBE which translates into (5,STUDS).
Their GAP for 2012 was $365 USED with a growth of 6. 4%. Thailand current external debt is $126 Million dollars in US currency. The birth rate crude per 1,000 people last reported in 2010 was 12. 14 with a life expectancy of up to 73. 9 years. Agriculture went from representing 70% of employment to only half of employment and contributing 4. 8% to Thailand GAP. Industry contributes more than 45% to its industry yet employs about 20% of its workforce. Thailand automobile industry is slowly on the rise and becoming huge as they manufacturing made up 34. Of the GAP. External relations with Thailand happen to be one of the most powerful forces in the global world. The USA has held relations for years now and was designated a major non-NATO ally granting them many military and financial benefits. Thailand has gradually increased and grown over the years. Currently they are continuing to grow as they are soon becoming more than Just an Upper-Middle income country. Thailand current leader Taking Sinatra has the country running smoothly in hopes that they don’t face any setbacks anytime soon.