Economics of Thailand - some Facts and Figures

Statistics

• GDP: US$176.3 billion (2005).
• Main exports: Rice, food and live animals, office equipment, textiles and clothing.
• Main imports: Cars, machinery and electrical machinery, and plastics.
• Main trade partners: USA, Japan, China (PR), Singapore and Malaysia.

Economy

The Thai economy expanded very rapidly during the 1980s and early to mid 1990s; average annual GDP growth between 1990 and 1996 was 8.5%. The economy was already slowing down when the Asian currency crisis struck in the late summer of 1997. In 1998, the economy contracted by 11%. After a strong initial recovery, the Thai economy stuttered in 2001/2 following 9/11, and in 2003 suffered because of the reaction to SARS, the war in Iraq and fears of terrorism.

Steady growth in 2004, because of domestic demand and strong exports, gave the economy resilience to the outbreak of Avian influenza and soaring oil prices and growth had recovered to 6.1%. However, following the tsunami in December 2004, growth slowed to 4.3% in 2005. The inflation rate is 4.4% with unemployment down to 1.8%.

Following the financial collapse in 1997 the government launched the Amazing Thailand campaign which increased tourist arrivals dramatically, all keen to take advantage of the favorable exchange rate. Arrival numbers peaked in 2002 but were down by 10% in 2003 with the occurrence of SARS. However, visitor numbers have improved steadily and were more than 13 million in 2005, over 2 million more than 2002.

Business Etiquette

Most people in senior management speak English but in very small companies, or those situated outside the industrial belt of Bangkok, English is not as widely spoken. Most businesses of substantial size prefer visitors to make appointments. Business cards are essential. Punctuality is advisable.

Office hours: Mon-Fri 0800-1700.

Government office hours: Mon-Fri 0830-1200 and 1300-1630.

Commercial Information

Department of Export Promotion
22/77 Rachadapisek Road, Chatuchak, Bangkok 10900, Thailand
Tel: (2) 511 5066.
Website: www.thaitrade.com

Thai Chamber of Commerce
150 Rajbopit Road, 2146, 10200 Bangkok, Thailand
Tel: (2) 622 1860.
Website: www.thaiechamber.com

Thailand Incentive and Convention Association (TICA) (Information on Conferences/Conventions)
99/7 The Legacy Vipawadee Building, Soi Lardprao 8, Lardyao, Chatuchak, Bangkok 10900, Thailand
Tel: (2) 938 6590.
Website: www.tica.or.th

Conferences & Conventions

The Thailand Incentive and Convention Association was established to aid the growth of Thailand as a destination for meetings, incentives, conventions and exhibitions. Members include tour operators, hotels, airlines, advertising agencies, lawyers, convention centers, convention organizers and local attractions. Bangkok has the two largest venues for conferences and exhibitions - the Bangkok Convention Center and the Impact Muong Thong Thani Exhibition and Convention Center. There are also many other venues (including hotels) in Bangkok and elsewhere.


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