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Economy Of Siam Thai

The country of Thailand is regarded as a newly industrialized country. The economy of Siam Thai is an emerging economy. The value of exports increases over 105 billion dollar worth of goods & services annually. Siam Thai is number one exporter of rice in the world. The country exports more than 6.5 million tons of milled rice annually. Rice is the most important crop in the country. Thailand has the highest percentage of arable land, 27.25%, of any nation in the Greater Mekong Sub region. About 55% of the arable land area is used for rice production. Some of the other major exports include cars, textiles and footwear, rubber, jewellery, fishery products cars, computers as well as electrical appliances are some of the major exports of Thailand.

Considerable industries of Thailand are electric appliances, components, computer parts & cars. However, tourism industries make up about 6% economy of Thailand. As mentioned earlier, the economy of Siam Thai is an emerging economy which mainly depends on exports, that accounts for more than 2/3th of gross domestic product (GDP).

The exchange rate is Baht 33.00/USD. Thailand has a GDP worth 8.5 trillion Baht and it categorizes Thailand as the second largest economy in Southeast Asia after Indonesia. In spite of this, the country ranks midway in the wealth spread in Southeast Asia, Thailand is the fourth richest country according to GDP per capita, just after Singapore, Brunei & Malaysia.

Thailand functions or serves as a backbone economy for the neighboring countries like Laos, Burma as well as Cambodia. The recovery of financial system in Siam Thai from the 1997–1998 Asian financial crisis primarily depended on exports, among several other factors. The country is one among the highest automotive export industries of the world. It also ranks high as the manufacturer of electrical appliances and goods. Majority of the country’s labor force is working in agriculture. However, the relative contribution of agriculture to GDP has declined while exports of goods and services have increased. This further contributes to the increase of Siam Thai economy.

The tourism revenues of Thailand are also increasing. Though there was instability due to the recent coup and military rule, yet the GDP growth of the country has been settled roughly 4-5% from the previous highs of 5-7% under the earlier civilian administration, as investor and consumer confidence has been degraded somewhat due to political uncertainty. This shows the stability of the economy of Siam Thai in some way.

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