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Thailand ECONOMY
Salient Features: Mixed economy includes both strong
private sector and state enterprises; government assumes
responsibility for general infrastructure development. Basically
capitalist, committed to free trade. Rapid economic development
of 1960s and 1970s slowed by worldwide recession of early 1980s.
Strong recovery by 1987. Bangkok metropolitan area faced problems
of rapid modernization, including housing shortages and pressure
on such basic services as water, sewage, and health care.
Agriculture:Food surpluses produced by dominant
agricultural sector of enterprising, independent smallholders.
About 69 percent of labor force engaged in sector, and nearly 80
percent of population dependent on it for livelihood in the mid1980s . Agricultural commodities accounted for some 60 percent of
export values in late 1980s. Major crops included rice, maize,
cassava, rubber sugarcane, coconuts, cotton, kenaf, and tobacco.
Forest cover decreased from more than 50 percent in 1961 to less
than 30 percent in 1987. Fisheries important for food supply and
foreign exchange earnings.
Industry: Modern enterprises mainly concentrated in
Bangkok and surrounding provinces. Majority Thai owned, but joint
foreign ventures numerous; state enterprises form important
segment. In late 1980s, sector accounted for roughly 20 percent
of gross domestic product (GDP) and 30 percent of total exports.
Main categories of manufacturing included food and beverages,
textiles and apparel, and wood and mineral products. Mineral
resources contributed about 2 percent to gross national product
(GNP) and included tin, tungsten, fluorite, antimony, and
precious stones, all significant foreign exchange earners.
Energy Sources: Exploited domestic resources include
small oil fields, large lignite deposits, natural gas in Gulf of
Thailand, and hydroelectric power. Extensive, largely unevaluated
oil shale deposits also identified, but exploitation economically
infeasible in 1980s. Thermal (oil, natural gas, and lignite)
power generation accounted for about 70 percent of total 7,570
megawatt installed generating capacity in 1986; hydropower, which
remained largely unexploited, supplied about 30 percent.
Electricity generally available in Bangkok metropolitan area and
in about 43,000 of nation's some 48,000 villages (mostly near
Bangkok). Rural program under way for electrification of
remaining villages by late 1990s.
Foreign Trade: Major exports primary and processed
agricultural products, tin, clothing, and other manufactured
consumer goods. Major imports capital goods, intermediate
products, and raw materials; petroleum products largest single
import by monetary value since mid-1970s. Largest trading
partners Japan and United States; trade with Japan characterized
by large deficit.
Data as of September 1987
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