- By Thomas M Johanson
Historically, Thailand has been a farming country, and nearly half of Thai workers are farmers. In recent years, however, the relative importance of agriculture has declined somewhat, as the industrial sector has grown. Agricultural products now account for about 9 percent of the annual output of goods and services; industry accounts for about 42 percent. Most Thai farmers cultivate rice on tiny plots. The Thai's high productivity of rice, cassava, maize, sugar, and manioc (the source of tapioca) makes Thailand one of the world's leading agricultural exporters.
- The total natural-resource sector contributes greatly to Thailand's export economy. Thailand is one of the world's largest exporters of rubber, which is grown in the Malay Peninsula. It is also an important source of tin. The vast northern forests once provided teak and other wood products, but commercial logging was banned in 1989. Increased activity along the eastern shore of the Gulf of Siam has made Thailand a leading exporter of canned tuna.
Government policies during the 1980s converted this traditionally agricultural nation into an industrial one. Mining and manufacturing goods now account for approximately 60 percent of the nation's exports, although tourism is the leading foreign-exchange earner. The government encouraged foreign investment by reducing corporate and private taxes and providing special industrial incentives.
Japanese companies recognized the opportunity, and the factories they built in Thailand helped transform the nation into a newly industrialized country that competed comfortably with affluent Hong Kong, South Korea, Taiwan, and Singapore. Key industrial exports include computers, office-machine parts, transistors, rubber, vehicles (cars and trucks), plastics, and seafood.
- The entire nation did not benefit from Thailand's industrial wealth, however. Individuals in Bangkok earned about eight times more than their counterparts in rural areas. To help alleviate poverty in the countryside, the government encouraged tourism "up-country," in the nation's most isolated regions. By 1997, overinvestment and overcapacity (particularly in real estate) caused a huge drop in the value of Thailand's currency that sparked a severe economic downturn, causing the International Monetary Fund to step in with aid linked to strict austerity measures.
By the early 21st century, the Thai economy was again growing rapidly, although separatist unrest in the Muslim south and a deadly tsunami on December 26, 2004, threatened the vital tourist industry. The tsunami killed thousands of people along Thailand's western coast, about half of them foreigners who had been vacationing at local resorts.
Thailand registered economic growth was averaging more than 4 percent per year from 2000 to 2008. The economy slowed in 2009, as exports fell in response to the global economic downturn. In 2010, the government pursued stimulus measures to help revive economic growth.
- Cities
The ancient cities of Bangkok (Krung Thep) and Thonburi are separated only by the Chao Phraya River. Together with other nearby communities, they make up the Bangkok Metropolis, which is Thailand's largest urban area. Designed to attract tourism, this cosmopolitan complex boasts luxury hotels, the world's largest restaurant, and three of the world's biggest nightclubs. Chiang Mai, the regional center for the north, is Thailand's second-largest city. Bangkok is also Thailand's chief port.
- Government
In 1932, a revolution transformed the Thai monarchy of King Prajadhipok from an absolute to a constitutional monarchy. The 2007 constitution is the seventeenth since the 1932 coup. It makes the king head of state, although the monarchy plays only a largely ceremonial role. The king appoints an advisory Privy Council.
True executive power lies in the hands of the prime minister, who heads the government and is limited to two terms. There is a two-house National Assembly. Members of the House of Representatives are popularly elected. Members of the Senate were appointed by the military until 2000; under the 2007 constitution they are only partly elected.
If you would like to start your own business and register a company in Thailand, visit Thailand Company Registration.
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