Indicators of economy in Thailand

Impact of the COVID-19 pandemic

The consequences of the COVID pandemic were not insignificant in Thailand 2020. Overall, gross domestic product in 2020 fell from 544.08 billion US dollars to 499.68 billion US dollars. With a drop of 8.2 percent, the economy in Thailand suffered more significant losses than other countries. The tourism sector alone slumped by around 76 percent. The unemployment rate rose from 0.7 to 1.1 percent. The country's gross debt increased by 19.4 percent. The inflation rate fell from 0.7 percent previously to -0.8 percent by the end of 2020.

In 2021, there was already a recovery and the gross domestic product increased to 505.95 billion US dollars (=93.0% of 2019).

Income and purchasing power

The average monthly income in Thailand is 591 US Dollar per capita. In the USA, the figure is 5,911 US Dollar. However, the prices of consumer goods are also around 65.3 percent lower than in the USA. If you compare income and price levels, the result is a more expensive life in Thailand than in the United States. The bottom line is that the costs do not offset the lower income, and you get about 71.2 percent less.

However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.

Unemployment rates in percentages 1991 - 2022

Economic performance 2021

In the Global Innovation Index, Thailand ranked 43rd in 2022 with 34.9 points. The index is calculated annually by the World Intellectual Property Organization (WIPO) and most recently included 132 countries. The top country was Switzerland with 64.6 points. Out of the 2,000 largest listed companies in the world, 14 originate from Thailand. This is determined annually in the Forbes Global 2000 list. The 10 largest companies in the country in 2022 were:

Rank 232: PTT (Bangkok)
Rank 761: Siam Cement (Bangkok)
Rank 784: Kasikornbank (Bangkok)
Rank 988: CP All (Bangkok)
Rank 1050: PTT Global Chemical (Bangkok)
Rank 1115: Siam Commercial Bank (Bangkok)
Rank 1261: Bangkok Bank (Bangkok)
Rank 1320: Krung Thai Bank (Bangkok)
Rank 1366: Indorama Ventures (Bangkok)
Rank 1471: Charoen Pokphand Foods (Bangkok)

Development of gross domestic product in billions of USD 1960 - 2021

Household debt and deficits 2021

Imports and Exports 2021

Development of imports and exports in billions of USD 1975 - 2021