Thailand has gone through several shocks both from within and outside, from political transformation, major floods in 2011, and the 2008–2009 global financial crisis. On the other hand, Thailand has not been growing very fast since the recovery of the Asian financial crisis of 1997–1998, with an average growth of only 4.2% per year in the past decade. In 2012, Thailand’s gross domestic product (GDP) growth recovered from the major flooding of 2011 at only 0.1% to stand at 6.4% with per capita income at $5.473, taking the country into the middle-income level. However, there is still concern over the size of public debt, which has slightly increased due to the populist policies of the present government. Thailand’s public deficit in 2012 stood at 9.3% or around 43.5% of GDP (Table 1).
Despite these setbacks, the country is looking forward to progressing, internally and externally, through strong-based middle-class demand, a large industrial base and strong supply chains, and a new path of greater connectivity to the regional economies. Since 2007, a major transformation has taken place in the regional GDP structure
Thailand has gone through several shocks both from within and outside, from political transformation, major floods in 2011, and the 2008–2009 global financial crisis. On the other hand, Thailand has not been growing very fast since the recovery of the Asian financial crisis of 1997–1998, with an average growth of only 4.2% per year in the past decade. In 2012, Thailand’s gross domestic product (GDP) growth recovered from the major flooding of 2011 at only 0.1% to stand at 6.4% with per capita income at $5.473, taking the country into the middle-income level. However, there is still concern over the size of public debt, which has slightly increased due to the populist policies of the present government. Thailand’s public deficit in 2012 stood at 9.3% or around 43.5% of GDP (Table 1).Despite these setbacks, the country is looking forward to progressing, internally and externally, through strong-based middle-class demand, a large industrial base and strong supply chains, and a new path of greater connectivity to the regional economies. Since 2007, a major transformation has taken place in the regional GDP structure
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