Thailand is a country located in Southeastern Asia bordering the Andaman Sea and the Gulf of Thailand. Neighboring countries include Burma, Cambodia, Laos, and Malaysia. The geography consists of a mountain range in the west and a southern isthmus that joins the land mass with Malaysia. The government system is a constitutional monarchy; the chief of state is the king, and the head of government is the prime minister. Thailand has a mixed economic system in which there is a variety of private freedom, combined with centralized economic planning and government regulation. Thailand is a member of the Asia-Pacific Economic Cooperation (APEC) and the Association of Southeast Asian Nations (ASEAN).
With a well-developed infrastructure, a free-enterprise economyThe management of money, currency and trade of a nation. The..., and generally pro-investment policies, Thailand historically has had a strong economyThe management of money, currency and trade of a nation. The..., but it experienced slow growth in 2013-15 as a result of domestic political turmoil and sluggish global demand, which curbed Thailand’s traditionally strong exports – mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Following the May 2014 coup d’etat, tourism decreased 6-7% but is beginning to recover. The Thai baht depreciated more than 8% during 2015.
Thailand faces labor shortages, and has attracted an estimated 2-4 million migrant workers from neighboring countries. The Thai Government in 2013 implemented a nationwide 300 baht (roughly $10) per day minimum wageThe legal lowest wage an employee can be paid by an employer... policy and deployed new taxA fee imposed by a government on personal or corporate incom... reforms designed to lower rates on middle-income earners. The household debtMoney owed to another person or organisation, such as a loan... to GDP ratio is over 80%.
Important Details
- Country ISO3 : THA
- Country Code : 764
- Income Group : Upper middle income
- Lending Category : IBRD
- Region : East Asia & Pacific
- Currency Unit: Thai baht
- WTO Member : Yes
- TradeThe buying and selling or exchange of goods and services. Th... organisations : WTO, APEC, IOR-ARC, ASEAN
- world rank : 67
- Regional Ranking : 11th in the Asia–Pacific Region
