TITLE

Thailand's Agri-Dependent Economy

PUB. DATE
May 2003
SOURCE
Asia Monitor: South East Asia Monitor Volume 1;May2003, Vol. 14 Issue 5, p1
SOURCE TYPE
Country Report
DOC. TYPE
Country Report
ABSTRACT
Despite government policies to stimulate economic growth through the middle classes, the economy of Thailand remains heavily dependent on the agriculture sector as of May 2003. This bodes ill for the sustainability of Thailand's current economic expansion. With 40% of the total labor force employed in agriculture, this sector is an important driver of economic activity and long-term economic prosperity in Thailand. This is despite accounting for only 10% of real GDP in 2003. This heavy reliance on agriculture is worrying. Farm incomes rose 11% in 2002, according to the Bank of Thailand, on the back of a sharp rise in crop prices, in particular rice, rubber and palm oil. If this rise in farm incomes comes to fruition in 2003 the economy will most likely remain on track. Although Thailand is in the midst of moving from its traditional export-led growth path to a more domestic-orientated model, exports continue to play an important part in pulling the economy forward given that export levels actually exceed GDP.
ACCESSION #
9876841

 

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