III.3. Economy
In terms of GDP per capita, Thailand is considerably richer than the average developing country
in East Asia and the Pacific (see Figure 3). Figure 3 also shows that during the mid-1980s until
the East Asian crisis in 1995, Thailand grew faster than the average developing country in East
Asia and the Pacific. The East Asian crisis had a severe impact on Thailand. While Thailand
continued to grow after the East Asian crisis was over, Thailand was once again severely
impacted by the 2008 world economic and financial crisis as the economy is primarily based on
exports (which make up nearly 70 percent of Thailand’s GDP).12 Tourism, another major
economic sector, was affected as well. Stimulus packages are credited for reviving the
government because there has been steady growth since they were passed.