THAILAND AT THE TURN OF CENTURY

1.

Thailand, for one, as a pillar of the fast-growing Asian region, has made sure
and steady strides over the years to ensure its place in the global
community
2.
A country often compared with the Philippines for a score of reasons,
Thailand, like the Philippines, is a nation of 60 million. It has an area 513,115
sq. kms. And enjoys a climate typical of countries in the tropics; thus, its
traditional proclivity for agrarian-based economic activity
3.
Not with standing a shift from agriculture to manufacturing, Thailand
continues to edge out its neighbors in terms of national resources, what with
the bounty of its land and sea which has made it the worlds foremost
exporter of tapioca and rice. In addition, it is also a leader in the production
of maize, frozen shrimp, canned pineapple, natural rubber and sugar
4.
However, in the late 80s and 90s, Thailand restructured its economy to
adapt to the demands of an urbanizing international community
5.
As a result, the share of the agricultural sector in Thailands national
income has declined from a high of 40 percent in 1960 to 17 percent during
early 90s
6.
Concomitantly, the manufacturing sector experienced strong growth ,
expanding rapidly in its share of the national income from 13 percent in
1960 to over 30 percent in the 90s. With the implementation of the
first industrial Promotion Act in 1960 and various promotional
programs undertaken by the Board of Investment, the way was
paved for the remarkable growth of the manufacturing sector
7.
Initially, industrial activity focused on food processing and import
substitution. However, in the 90s, Thailand has developed heavily into
export promotion, notably textiles and garments, which accounted for 34.5
per cent of principal exports in 1994 against the 12.7 percent output of
canned food in the same year. On the whole, the industrial sectors
creditable performance became a plus factor for Thailand because policymakers knew exactly where there was a need to put on weight to achieve an
ideal balance among the various diversified industries that the changing
economy helped to bring about
8.
It is equally worth noting that at the highest point of Thailands growth at the
close of the last decade, the highest income generator and largest foreign
exchange contributor for Thailand was its tourism sector. With the full
backing of the Royal Thai Government extended to the Tourism Authority of
Thailand, the sector grew by a hefty 16 percent per annum.
9.
In addition to glowing figures posted by Thailand in the area of
manufacturing, tourism and foreign investment, much of its success
can also be attributed to the growing independence of countries in
the Association of Southeast Asian Nations (ASEAN) and in the burgeoning
Asian-Pacific region

10. Thailand rides high in this era of growth and is well on its way to an age of
prosperity at the turn of the century
11. From 1988-1991, Thailands growth rate averaged 12.5 percent, the highest
in the world. Since 1993 when its economy rebounded from a worldwide
recession in the early 90s, the Thai economy has experienced steady gains
reminiscent of the growth patterns of developed countries in the West.