Basic Economic Data

Economic Overview: Since the onset of the financial crisis in 1997, Thailand has undergone a remarkable economic transformation. One of the instrumental policies that propelled a swift economic recovery for Thailand is the Dual Track Policy of Dr. Thaksin Shinawatra, the Prime Minister of Thailand which focuses on the duality of the exports and domestic sectors to bring economic growth with stability, through the actively supporting role of the public sector in a global context but not necessarily dependent on the traditional economic powers of the world. Thailand’s economic growth trend has improved from -10.2 percent in 1998 to 6.3 percent in 2003. In addition exports, private consumption and private investment have all displayed encouraging signs. Despite global uncertainties such as U.S.-Iraq war, terrorism, and SARS, Thailand has been able to withstand competently the knock-on effects from those events owing much to the robust economic fundamentals embedded within the root of the Thai economy. GDP: 142.3 billion USD or 5 904.4 billion baht (2003) GDP per capita: 2 240.5 USD per year or 92 982.0 baht per year (2003) GDP annual growth: 6.3% (2003) Inflation Rate: 1.8% (2003) Interest Rate: 1.25% at the end of 2003 (14 days repurchase rate) Currency Exchange Rate: (as of 30 Jan 04) 39.35 THB/USD 72.02 THB/GBP 49.19 THB/EUR 37.38 THB/100JPY 23.35 THB/SGD 05.10 THB/HKD Imports: 72.6 billion USD or 3 014.2 billion baht (2003) Exports: 77.6 billion USD or 3219.9 billion baht (2003) Current Account: 7.9 billion USD or 328.7 billion baht, 5.6% of GDP International Reserve: 41 255.1 million USD at the end of November 2003 Fiscal Year: October 1 – September 30 Public Debts: 2 892 732.19 million baht at the end of October 2003 (48.99% of GDP), 24.56% of which were foreign debts, whereas 75.44% were domestic debts. Short-term debts stood for 18.44% and long-term debts were at 81.56%     Unemployment Rate: 0.69 millions persons or 2.0% of the total labor force at the end of 2003