Thailand is one of the great development success stories. Due to smart economic policies it has become an upper middle income economy and is making progress towards meeting the Millennium Development Goals.
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The favorable economic development in
Thailand which began in 1947 has continued into 1950.
Production has developed satisfactorily. There was a good
rice harvest in... Show More + 1949-50 and rice exports in 1950 may exceed
those in 1949. Output of minerals, especially tin, wolfram
and lead, showed a marked increase in the first eight months
of 1950. The internal monetary situation in Thailand has
remained generally stable during the first half of 1950.
Money in circulation rose slightly, but much less than the
increase in the Bank of Thailand's gold and foreign
exchange reserves. Prices increased slowly. The evolution of
government finances was on the whole satisfactory.
Thailand's prospects have also been improved by the
economic and technical assistance which is being furnished
by the United. States Government through the Europe and
Central Asia (ECA) and which involves the expenditure of
about $8000,000 as grants-in-aid in the fiscal year 1951. Show Less -
The relatively simply economy of
Thailand was not greatly disrupted by war. The agricultural
production, in which over 80 percent of the working
population is engaged,... Show More + has had a rapid postwar recovery, and
since 1947 a clear upward trend can be discerned in the
whole economy of Thailand. In 1949, the overall production
as well as the real income per capita reached higher levels
than prewar. The financial position of the country
internally as well as externally is favorable. After the
budget deficits during the war, a practically balanced
budget was reached in 1948, and the year 1949 ended probably
with only a very small deficit. Thailand should be in a
position to provide from its current foreign exchange
earnings a substantial amount to service an additional debt.
The position in sterling is especially strong, and Thailand
should be able to service additional sterling obligations. Show Less -