Economic Development
The economic status of the country can no longer be classified as an agricultural-based economy. The boom in the economy was seen between 1960s to 1990s. And in less than thirty years, it has transformed from subsistence agriculture society into a rapidly industrializing country. In 1980s, the annual growth was as high as 10.48% (Fig 3), and the per capita gross domestic product (GDP) increased as high as 28-fold. This rapid economic growth resulted in a decline of poverty, and from 32.6 proportion of the poor in 1988 this had gone as low as 13.0% in 1998 (Fig. 4).
Fig.3
Economic growth rate in Thailand: 1960s-2002
Source: Office of National Economic
and Social Development Board
As to the family structure and relationships, the trend indicates the change from extended families to nucleus or single family, thus a dropped from 5.6 family size in 1960 to 4.1 in 2000, and is expected to decrease to only 3.5 in 2010.
Fig.4
Poverty profile of Thailand: 1988-2000
Source: Office of National Economic
and Social
Table
1 Key Macroeconomic Indicators 1997-2001
Source: NESDB, MOC, BOT and NSO
Exports increased from 7.3% in 1999 to 19.1% in 2000 and no significant increase in exchange rate from the 1999 value of dollar to 2003. By the end of the year 2000, the economy was healthier than at any time since 1996. It is worth to note that in Thailand between 1963 and 1997, economic growth has been enormous, and along with Malaysia and South Korea, no other country in the world has produced more rapid economic growth and a dramatic poverty reduction. Per capita income levels in the country have increased 19 times. Even with the economic crisis felt in 1997, Unemployment rate had increased significantly in 1998. Recession in the manufacturing and other sector was felt and lay-offs of employees, specifically of those with lower educational attainment has widened the gap between the rich and the poor people. Thais today are economically better off than they were in 1960s.
