Thai Economy 2009

The 2009 Financial Report prepared by the Bank of Thailand indicates that the Thai economy declined by 2.3 per cent in 2009. This 10-year record low is the result of the global financial crises. The economic fall was sharpest during the first quarter. The economy started to rebound during the latter half of the year. The relaxed treasury policy has spurred confidence among producers and consumers. Now the tourism revenue is looking up, and employment rate is on the rise.

         The tourism industry in 2009 suffered some declines in terms of the number of tourist visits. During the first half of the year the number went down by 16.1 per cent from the same period of previous year. The political instability in Thailand caused several countries in Asia to issue warnings against entering Thailand. However, towards the end of the year, with the political uncertainties and 2009 flu settled, the number of tourist visits grew by 12.4 from the same period of previous year. Overall, the number of tourist visits went down 3.0 percent in 2009, while the hotel accommodation went down from 56.2 to 49.2.

         Thailand is a mixed economy, with agriculture, industry, tourism, service, and natural resources as the pillars. The most important agricultural produce is rice growing. The country’s major industries include agricultural processing, textile, electronics, automobile and parts. The country’s major natural resources include tin and natural gas. And the major tourist attractions lie in Bangkok, Pattaya, the Andaman coastal towns, and Chiang Mai. (Source: www.tourismthailand.org, TAT)