Thailand

Economic indicators

Thailand's economical (as well as political) situation remains highly uncertain following the military coup on 19th September 2006, though it is unlikely that the county would go through major policy changes. Thailand’s economy is mainly driven by the manufacturing sector. Since 2005, the GDP growth rate varies from 4% to 5% depending of the years. Thailand suffers from the emerging competition in the manufacturing sector from China besides rise in global oil prices. Inflation is decreased to 2% in 2007. The financial sector is still fragile as it has not still recovered completely from the 1997-98 Asian financial crises.

Main sectors of industry

The economy is heavily agriculture based contributing nearly 10% to GDP and employs more than 50% of the active population. Thailand is one of the leading producers and exporters of rice. Other major crops are rubber, sugar, corn, jute, cotton, and tobacco. Fishing is an important activity - Thailand is a major exporter of farmed shrimp. Tin, by far the most valuable mineral, is a major export item. Thailand has substantial potential for hydroelectric power generation. The manufacturing sector amounts to nearly 46% of the GDP and is well diversified: electronics, automotive and steel industries are driving the economy. Thailand is a hub for assembly of well known international car brands. The textile sector employs almost 25% of the active population but is no longer a buoyant sector as compared to tourism which has become the main source of foreign exchange. The services sector (includes tourism) contributes nearly 43% to the GDP.

Source: World Bank - World Development Indicators - last available data.

Sources of economic information

Ministries

Ministry of Finance

Statistical Office

National Statistic Office

Central Bank

Bank of Thailand

Stock Exchange

The Stock Exchange of Thailand

Online newspapers

Bangkok Post
Business Day
Thansettakij Newspaper (in Thai)
The Nation
Phuket Gazette

Search Engines

Thai Info
Ped1
Sanook
Siaminside
Thaiger
Thaiseek
Thailand.com
Yailek

Political outline

Executive Power

Governed by a constitutional monarchy, Thailand has a bicameral legislature system with a House of Representatives and a Senate. Thailand’s 76 provinces each administered by an appointed Governor are divided into districts, sub-districts (tambons) and villages.
The King is the chief of the state and the monarch is hereditary. he has little direct power but commands enormous popular respect and moral authority which he has used on occasion to resolve political crises that have threatened national stability. Following national elections for the lower house of the parliament, the leader of the party that can organize a majority coalition is appointed as Prime Minister by the King for a four-year term. Prime Minister is the head of the government and holds all the executive powers including implementation of the law in the country and running the day-to-day affairs. The cabinet is appointed by the King on recommendation of the Prime Minister.

Legislative Power

The legislature in Thailand is bicameral. The parliament called National Assembly consists of: Senate (the upper house) having 200 seats with its members elected by popular vote to serve six-year terms and the House of Representatives (the lower house) having 500 seats with its members elected by popular vote to serve four-year terms. The executive branch of government is directly or indirectly dependent on the support of the parliament, often expressed through a vote of confidence. Government cannot veto the acts passed by the parliament. When not under military rule, the people of Thailand enjoy considerable political rights. The coup of September 2006 has taken place after 15 years of civilian and democratically-elected governments. The junta appointed a 250-member legislature, called by some critics a "chamber of generals" and others claimed that it lacks representatives from the poor majority.In this interim constitution draft, the head of the junta was allowed to remove the Prime Minister at any time. The legislature was not allowed to hold a vote of confidence against the Cabinet and the public was not allowed to file comments on bills.This interim constitution was later surpassed by the permanent constitution on 24 August 2007. Martial law was partially revoked in January 2007. The ban on political activities was lifted in July 2007 following the 30 May dissolution of the Thai Rak Thai party. The new constitution has been approved by a referendum on 19 August, which led to a return to democratic elections on 23 December 2007.

Main political parties

Thailand has a multi-party system. The major political parties in the country are:
- TRT (Thai Rak Thai Party) – has no clear ideological platform, but is commonly described as a ‘populist’ party;
- DP (Democratic Party) – the oldest party in the country, opposes any kind of military dictatorship, pro-democracy;
- TNP (Thai Nation Party) – a conservative nationalist party;
- Great People's Party – advocates left-wing ideology.

Current political leaders

King: PHUMIPHON Adunyadet (since June 1946) – hereditary
SAMAK Sundharavaj (since march 2008) Somchai Wongsawat was elected by the National Assembly of Thailand as Prime Minister of Thailand on 17 September 2008 and assumed office upon endorsement by King Bhumibol Adulyadej.

Next election dates

Senate: April 2012
House of Representatives: Year 2011

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