The country’s Gdp is rock solid, and has a diverse economy compared to many other countries around the world. If you take the Middle East or Russia, their economies are based on one item – oil. if the price of oil drops, it has a huge impact on their economy.
Thailand’s GDP, is not based on any single product but is evenly split over a range of things such as tourism, manufacturing, exports and services. According to reputable sources such as Bloomberg, Thailand’s economy grew faster than anyone expected over the last quarter and is on course for a strong 2018. The reason given is increased exports and a booming tourist industry.
Visitors from China and India are flooding into Thailand, global trade recovery has seen an economic boom in South East Asia and with the government committing to improving the country’s infrastructure, there is no better time to invest in Thailand. Stats show that the nation’s economy has grown by almost 4% in 2017 and the trend is expected to continue through 2018.
Manufacturing is up by 4.3%, whilst investments in hotels and restaurants rose by 6.7%, driven my the huge increase in Asian tourists.
The main industries of Thailand are cars, electrical compliances, computers, furniture, textiles, plastics, clothing and automobile components. Combined, they are responsible for 39% of the GDP of Thailand. The largest being automobile components at 11%.
Agriculture accounts for 8.4% of the nations GDP, with tourism at 6%.
What this means, is the economy is unlikely to collapse, if anyone single area of business falters. Thailand is not dependent of any one product or industry to maintain its GDP.
With a solid and dependable background, government investment in roads, high-speed rail links, airport extensions, the future is looking bright for the Kingdom of Thailand.