Economy (Thailand)
==================


     Overview:
         Thailand, one of the more advanced developing countries in Asia, enjoyed a
         year of 8% growth in 1991, although down from an annual average of 11%
         growth between 1987 and 1990. The increasingly sophisticated manufacturing
         sector benefited from export-oriented investment. The manufacturing and
         service sectors have accounted for the lion's share of economic growth.
         Thailand's traditional agricultural sector continued to become less
         important to the overall economy in 1991. The trade deficit continued to
         increase in 1991, to $11 billion; earnings from tourism and remittances grew
         marginally as a result of the Gulf War; and Thailand's import bill grew,
         especially for manufactures and oil. The government has followed fairly
         sound fiscal and monetary policies. Aided by increased tax receipts from the
         fast-moving economy; Bangkok recorded its fourth consecutive budget surplus
         in 1991. The government is moving ahead with new projects - especially for
         telecommunications, roads, and port facilities - needed to refurbish the
         country's overtaxed infrastructure. Political unrest and the military's
         shooting of antigovernment demonstrators in May 1992 have caused
         international businessmen to question Thailand's political stability.
         Thailand's general economic outlook remains good, however, assuming the
         continuation of the government's progrowth measures.
     GNP:
         exchange rate conversion - $92.6 billion, per capita $1,630; real growth
         rate 8% (1991 est.)
     Inflation rate (consumer prices):
         5.6% (1991 est.)
     Unemployment rate:
         4.1% (1991 est.)
     Budget:
         revenues $17.9 billion; expenditures $17.9 billion, including capital
         expenditures of $5.0 billion (FY92 est.)
     Exports:
         $27.5 billion (f.o.b., 1991)
       commodities:
         machinery and manufactures 62%, food 28%, crude materials 7% (1990)
       partners:
         US 23.4%, Japan 17.2%, Singapore 7.3%, Germany 5.3%, Hong Kong 4.8%, UK
         4.4%, Netherlands 4.3%, Malaysia, France, China (1990)
     Imports:
         $39.0 billion (c.i.f., 1991)
       commodities:
         machinery and manufactures 67%, chemicals l0%, fuels 9%, crude materials 6%
         (1990)
       partners:
         Japan 30.2%, US 12%, Singapore 6.9%, Taiwan 5%, Germany 4.8%, China 3.2%,
         South Korea, Malaysia, UK (1990)
     External debt:
         $25.1 billion (1990)
     Industrial production:
         growth rate 14% (1990 est.); accounts for about 25% of GDP
     Electricity:
         7,400,000 kW capacity; 37,500 million kWh produced, 660 kWh per capita
         (1991)
     Industries:
         tourism is the largest source of foreign exchange; textiles and garments,
         agricultural processing, beverages, tobacco, cement, other light
         manufacturing, such as jewelry; electric appliances and components,
         integrated circuits, furniture, plastics; world's second-largest tungsten
         producer and third-largest tin producer