Suwan Site - Dynamic Economy

A Dynamic Economy

牋牋燨f all the Asian nations, Thailand has perhaps produced the most dramatic shift in economic fifteen years. Over the past six years the country's economy has grown at an annual average of some 8% and is expected to maintain this rate of growth over the next two to three years.

From an early dependence on agriculture, the economy now rides high on a strategic mix of manufacturing and service-based industries. In terms of foreign exchange, tourism continues to provide the biggest source of revenue with over 6,000,000 visitors expected during 1995. Other leading earners are textile and garment manufacturing and, more traditionally, the export of rice.

n an era where phrases such as 'information Technology' and 'Globalisation' are now cliches in their own right, Thailand has also invested heavily in technology, both as an important tool for development, and in certain areas such the manufacture of integrated circuits, in establishing its own manufacturing capability. High technology manufaturing now represents some 20% of the country's exports.

Growth in the financial sector has paralleled that of industry and commerce in general with the establishment in 1990 of the Stock Exchange of Thailand and the expansion and strengthening of financial institutions. International investment, particularly in the manufacturing sector, has been substantially encouraged by the Board of Investment which grants tax concessions and other privileges to suitable applicants.

Bangkok

's chronic traffic problems, and the country's other communication and bureaucratic difficulties, long recognized as hindrances to full economic development, are now being tackled with the implementation of large-scale road and infrastructure projects, both in Bangkok and in other parts of the country.

The once faltering telephone system has also been vastly improved under a continuing and comprehensive programme of modernization. Independent operators now offer a choice of mobile telephone systems, while satellite based television and telecommunication networks are rapidly being developed.

ne of the most visible signs of Thailand's continuing economic growth is the everchanging skyline in the country's main cities. Second or thrid-time visitors to Bangkok in particular, will not fail to notice the new office towers, residential apartments, hotels and shopping malls which thrust their glistening new faces skywards almost daily.

While its leaders steer Thailand towards their goal of establishing the country as a regional, financial and manufacturing hub, visitors to this still fascinating land will no doubt content themselves with the excellent value this economic tiger offers as a tourist destination.