United States. Justyna Galicka / Getty Images. The United States, with its 326.7 million people,3 tops the list with a disposable income per capita measure of $53,122. Luxembourg. Pixabay. Switzerland. Marco Bottigelli / Getty Images. Germany. Pixabay. Australia. Pixabay. Norway. Pixabay. Austria. Pixabay. Belgium. Pixabay.
GDP in Thailand is expected to reach 528.00 USD Billion by the end of 2020, according to Trading Economics global macro models and analysts expectations. In the long-term, the Thailand GDP is projected to trend around 546.00 USD Billion in 2021 and 549.00 USD Billion in 2022, according to our econometric models.
Thailand is classified as a developing country . Majority of Thai people work in agriculture sector. In Thailand , information technology could be utilized in order to develop high-quality human resource, develop own technology, and increase the channels to access information among the country .
Thailand , Southeast Asia’s second- largest economy, has grown in the past generation or two from an undeveloped country to what the World Bank calls a “middle- income ” country. Its three main economic sectors are agriculture, manufacturing, and services.
The 20 countries with the largest gross domestic product (GDP) per capita in 2019 (in U.S. dollars)
|GDP per capita in U.S. dollars|
The main Thai industries are electronics, steel and automotive. Thailand is an assembly hub for international car brands. Electrical components and appliances, computers, cement production, furniture and plastic products are also important sectors.
Searchable List of Thailand’s Most Valuable Export Products
|Rank||Thai Export Product||2019 Value (US$)|
|1||Computers, optical readers||$11,871,742,000|
Thailand’s economic freedom score is 69.4, making its economy the 43rd freest in the 2020 Index. The Thai economy has been moderately free for two decades. GDP growth has been solid, although it could decelerate in 2020 because of slower domestic and foreign demand.
Because Thailand did not initially join the Allies or the Communism Bloc, it is a Third World country . This means that Thailand has advanced farther relative to other countries , but has not yet reached the level of modern industrialized nations , such as the Western Nations .
It has been said that Thailand will find it hard to become a developed nation . Rather, it will get stuck in the middle-income trap due to a number of factors such as income inequality, low education quality and an oligarchic political structure.
Thailand and India are two very different countries, but both are very affordable. Although more expensive, Thailand is perhaps the “easier” country to visit for a number of reasons. The infrastructure for travelers is more developed .
Its economy is heavily based on agriculture , which contributed 8% of the GDP and employed 31.2% of the active population in 2020 ( World Bank , 2020).
The currency had surged since November, helped by strong economic fundamentals. The emergence of COVID-19 vaccines had also given Thailand hope for an earlier-than-expected recovery in foreign tourist arrivals. The strong baht , however, hurts exports and tourism at a time when Thailand is trying to revive its economy.
Major multinational automotive industry leaders in Thailand include Toyota Motors, Isuzu, Honda Automobile, Nissan Motors, General Motors, Mitsubishi Motors, Suzuki Motors, BMW Manufacturing, Tata Motors, Ford Motor and Mazda.