Economy ———-
Economic overview: One of the more advanced developing countries in Asia, Thailand depends on exports of manufactures - including high-technology goods - and the development of the service sector to fuel the country's rapid growth, averaging 9% since 1989. Most of Thailand's recent imports have been for capital equipment and raw materials, although imports of consumer goods are beginning to rise. Thailand's 35% domestic savings rate is a key source of capital for the economy, and the country is also benefiting from rising investment from abroad. Prime Minister BANHAN's government - Thailand's sixth government in five years - undoubtedly will continue Bangkok's probusiness policies despite some concerns that it is relaxing Bangkok's traditional fiscal austerity. BANHAN is beginning to address Thailand's serious infrastructure bottlenecks, especially in the transport and telecommunications sectors. Over the longer term, Bangkok must produce more college graduates with technical training and upgrade workers' skills to continue its rapid economic development.
GDP: purchasing power parity - $416.7 billion (1995 est.)
GDP real growth rate: 8.6% (1995 est.)
GDP per capita: $6,900 (1995 est.)
GDP composition by sector: agriculture: 10.2% industry: 30.6% services: 59.2% (1994 est.)
Inflation rate (consumer prices): 5.8% (1995)
Labor force: 32,152,600
by occupation: agriculture 57%, industry 17%, commerce 11%, services
(including government) 15% (1993 est.)
Unemployment rate: 2.7% (1995 est.)
Budget:
revenues: $28.4 billion
expenditures: $28.4 billion, including capital expenditures of $6.1
billion (FY94/95)