Thailand building toward entry to the globalized economy

The Thai economy is moving slowly but surely toward a more prominent position in global business. Gross domestic product growth throughout Thailand came in at 4.5 percent during 2018's first quarter, alongside a 3.1 percent uptick in private-sector investment and 4 percent jump in public investment, according to data released by the Thailand Ministry of Finance.

The nation's reliable export market also registered a 6 percent growth increase during this period. Tourism, as expected, remains the other notable key contributor to Thai economic progress.

Despite the strength of Thai exports, it's not quite as far ahead as some of its neighbors in Southeast Asia. A recent report by the World Bank, presented at a meeting of the World Economic Forum, showed that Thailand's trade as percentage of GDP wasn't quite as high as Vietnam: The latter, with its more established economy, exceeded 200 percent trade as a percentage of GDP, the highest ever recorded for any country with at least 50 million people. Thailand landed in the distant runner-up role, at 122 percent, for this metric.

Part of Vietnam's success in this category stems from the foreign investment it's attracted, with countries all over the world establishing manufacturing operations on Vietnamese soil. Thailand hopes to attract outside investors as well, but in the area of tech development rather than manufactured goods. 

Thailand building toward entry to the globalized economy