Tuesday, August 27, 2019
Course Project Proposal Essay Example | Topics and Well Written Essays - 750 words
Course Project Proposal - Essay Example Thailandââ¬â¢s private sector is therefore strong. The well-developed physical infrastructure also distinguishes it from many other Asian economies. In terms of natural resources, Thailand has ââ¬Å"large stretches of fertile land and favorable growing conditionsâ⬠¦ [that gives] Thailand a strong agrarian foundation on which it has built a complex, multifaceted economy, which is now well established in the industrial and high technology sectorsâ⬠(Encyclopedia of Modern Asia, 2006). Its economy was one of East Asiaââ¬â¢s best economic performers during 2002-2004 (as it was also in the 1960s and 1970s (countrystudies.us)) when it experienced a rapid increase in GDP to over 8%. The GDP then stabilized to between 5-6% for a few years thereafter, and then declined into the red in 2009 due to the worldwide recession. Inflation was very high last year (9.2% in July, 2008) but Thailand is currently experiencing a deflation of its economy. The rate of unemployment is low. It stood at 1.2% in September 2009. Thailandââ¬â¢s economy is heavily export dependent, ââ¬Å"with exports accounting for more than two thirds of GDPâ⬠(tradingeconomics.com). This was over 70% in 2008 (state.gov). Thailandââ¬â¢s exports were $175.3 billion and imports were $175.1 billion in 2008. Thailandââ¬â¢s main export commodities are agricultural products, textiles and footwear. It is ââ¬Å"the worldââ¬â¢s second largest exporter of gypsum, leading supplier of rice and a major exporter of shrimpâ⬠(tradingeconomics.com). it also has strong automobile, high-technology, and electrical appliance industries that are now exporting to other countries and therefore also contributing to Thailandââ¬â¢s overall economic growth. Its main import commodities are capital goods. In 2009, Thailand has been consistently enjoying a positive balance of trade whereas it was fluctuating in 2008. Within Thailand itself, privatization and liberalization are helping to
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