The Economy Contribution Of Tourism To Thailand Economics.
The Mekong region is Asia’s rice bowl: in 2014 lower Mekong countries (Myanmar, Laos, Cambodia, Thailand and Vietnam) produced more than 100m tonnes of rice, around 15% of the world’s total.
Thai Airways once operated two of the longest non-stop routes in the world: between Bangkok and the USA. Unfortunately these routes were suspended in 2012, due to industry pressures. Not afraid to innovate, THAI was the first Asia-Pacific airline to serve London Heathrow. It’s now one of the largest APAC carriers currently operating in Europe.
Diverse factors indicated that the boom of the tigers and Asian dragoons was arriving at its end of economy boom. Conversely, the governments and its enterprise groups continued to forge ahead with expansionistic policies instead of responding to the changes by this new situation. As an example of the government reaction, the financial systems were liberalized and opened more to the outside.
When the Thai Baht was floated in July 1997, the Thai economy was overheated, along with extremely shaky balance sheets of many of its financial institutions. Inevitably, this led to currency devaluation and a run on the baht. This paper examines the reasons for the baht's collapse and the repercussions on domestic and regional economy.
Dynamic regions based on Thailand’s new economy, such as greater Phuket and the Thai Riviera are supplanting in importance secondary cities that perform regional service functions, creating a new economic geography of Thailand. Thailand ii The paper examines four case study geographic clusters as discussed below. The national Government has designated the provinces of Petchaburi, Prachuap.
Basic Economy. Thailand has a relatively diversified export-oriented economy that grew rapidly in the latter part of the twentieth century until the crash of 1997. Manufacturing and tourism led its growth, but agriculture continued to play an important role—employing over 60 percent of the workforce. The country remains a major producer and exporter of agricultural products, including rice.
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