Overview of Thailand
Overview of Thailand
Geographical location and area
Thailand is located in the central southern part of the Indochinese Peninsula, bordered to the southeast by the Gulf of Thailand in the Pacific Ocean and to the southwest by the Andaman Sea in the Indian Ocean. It borders Myanmar in the west and northwest, Laos in the northeast, Cambodia in the east, and Malaysia in the south. The total area of Thailand is 513000 square kilometers.
Population and ethnicity
The total population of Thailand is 67.9 million people (as of January 2024), with over 30 ethnic groups in the country. The Thai ethnic group is the main ethnic group, while the rest are Laotian, Chinese, Malay, and others. The gender ratio is 0.952, with slightly more females than males.
Political system and government
Thailand implements a binary constitutional monarchy, and King Maha Vajiralongkorn ascended to the throne in October 2016. The government is committed to a free economic policy and belongs to an outward oriented economy, relying on external markets such as China, the United States, and Japan.
Main religions and languages
More than 90% of the people in Thailand believe in Buddhism, and Thai is the national language. Buddhist culture holds an important position in Thai society, and temples and Buddha statues can be seen everywhere in Thailand.
Economic situation
Thailand is the second largest economy in ASEAN, implementing a free economy policy and belonging to an outward oriented economy. The main export items include electronic products, agricultural products, automobiles, and processed foods. The Gross Domestic Product (GDP) for 2022 is 495.2 billion US dollars, with an economic growth rate of 2.6%.
tourism
Thailand has abundant tourism resources, with major tourist destinations including Bangkok, Phuket, Chiang Mai, Pattaya, and more. Every year, it attracts a large number of domestic and foreign tourists, and the tourism industry is one of the important sources of foreign exchange income.
Agriculture and Industry
Agriculture is an important industry in Thailand, with major crops including rice, corn, cassava, rubber, etc. The industry is mainly export-oriented, with main categories including mining, textiles, electronics, plastics, food processing, etc. In the first nine months of 2024, Thailand's export value continued to grow.
Thailand is the second largest economy in ASEAN, with a GDP of approximately 514.8 billion US dollars in 2023, accounting for 14% of ASEAN's GDP. The Thai economy is dominated by the tertiary industry, with the service sector accounting for 61% of GDP, followed by industry (33%) and agriculture (6%). Thailand is an export-oriented economy, mainly exporting agricultural products, plastics, rubber, and transportation products, and importing mineral energy.
Main economic indicators
GDP: Thailand's GDP in 2023 was 514.8 billion US dollars.
Per capita GDP: The per capita GDP in 2023 was 7171.8 US dollars.
Industrial structure: The primary industry (agriculture) accounts for 6%, the secondary industry (industry) accounts for 33%, and the tertiary industry (service industry) accounts for 61%.
Main economic sectors
Agriculture: Thailand has developed agriculture, with main agricultural products including rice, natural rubber, etc., and agricultural product exports play an important role.
Industry: Thailand's industry is mainly focused on electronics, automotive assembly, building materials, petrochemicals, etc. Electronic products and new energy vehicles are the main export products.
Service industry: Tourism is an important component of the service industry, which is still recovering despite the impact of the epidemic.
Foreign direct investment situation
In 2023, Thailand attracted 663.239 billion Thai baht in foreign direct investment, with China accounting for 20%, making it the largest source of investment for Thailand. The main investment areas include electronic products and new energy vehicles.
Future Economic Outlook
The Thai Ministry of Finance expects a GDP growth rate of 2.7% in 2024 and an economic growth rate close to 3.5% in 2025. The Thai government hopes to maintain the economic growth rate within the target range close to potential levels and the inflation target within the range of 1% -3%.
