Thailand

Updated: November 2022.


Key Insights
  • The economy of Thailand is estimated by World Economics to be over 46% larger than official data suggests and is currently the world's 20th biggest economy.
  • Thailand’s economic and demographic data are unreliable, graded C on the World Economics classification scale. The data presented here have been re-estimated and improved where possible, using Purchasing Power Parity data to make international comparisons, by the addition of best estimates for the large Informal economy in Thailand, and by estimates to correct for the use by Thailand’s outdated System of National Accounts framework (SNA). We believe they represent a more realistic view of the Thai economy, but counsel users that this cannot be guaranteed in a country with significant Governance and corruption problems.
  • Thailand uses a chained based year for its GDP data but an outdated System of National Accounts framework, a vast informal economy and high levels of corruption, all result in unreliable GDP data.
  • The country benefits from lower-than-average debt levels when compared to the average levels of debt for the Asia-Pacific region and Emerging Markets generally.
  • Average temperatures in Thailand have remained largely unchanged for the past 100 years with only small fluctuations reported in the data.
 
ECONOMY SIZE

  • When measured in Purchasing Power Parity terms, including estimates for its vast informal economy, Thailand's GDP is the 20th largest in the world, 6th largest in the Asia-Pacific region and 10th largest in the Emerging Markets
Gross Domestic Product: 2021
Ranked by GDP
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GDP PPP
(Billions)
GDP Data Quality
Grade
Share of
Global GDP
%





Italy $3,064 A 1.9%
Korea, Rep. $2,801 A 1.7%
Saudi Arabia $2,220 B 1.3%
Spain $2,188 A 1.3%
Canada $2,037 A 1.2%
Nigeria $1,934 D 1.2%
Egypt $1,855 C 1.1%
Thailand $1,792 C 1.1%
Taiwan $1,700 C 1.0%
Poland $1,588 A 1.0%
Pakistan $1,523 B 0.9%
Australia $1,440 A 0.9%
Argentina $1,371 C 0.8%
Philippines $1,276 B 0.8%
Malaysia $1,253 B 0.8%

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GDP Data Quality

Data Quality Ratings: Asia-Pacific Region
Index: 0 = Extremely poor quality, 100 = Good as it gets
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Data
Quality
Index
Data
Quality
Grade
Base
Year
SNA
Version
Informal
Economy %
Resoucres
Index 0-100
Corruption
Index 0-100





Indonesia 73.3 B 2010 2008 22.7 85.6 38
Malaysia 73.0 B 2010 2008 25.3 76.7 48
Pakistan 70.2 B 2016 2008 35.6 72.2 28
Kazakhstan 69.8 C Chained 1993 31.9 78.9 37
Sri Lanka 69.6 C 2010 2008 31.1 80.0 37
Uzbekistan 67.6 C Chained 1993 27.2 67.8 28
Azerbaijan 67.1 C Chained 1993 36.8 80.0 30
Thailand 65.8 C Chained 1993 46.2 83.3 35
Tajikistan 64.7 C Chained 1993 37.1 72.2 25
India 63.9 C 2011 2008 52.4 76.7 40
Vietnam 63.5 C 2010 1993 20.5 74.4 39
Kyrgyzstan 60.7 C 2010 1993 30.8 90.0 27
Bangladesh 60.6 C 2016 1993 30.2 60.0 26
Laos 59.2 D 2012 1993 27.2 62.2 30

Access the interactive all country Data Quality Ratings table

Key:
Data Quality Index numbers shown on a scale of 0-100.
         0 = Poor, 100 = Excellent.

Resources Index numbers shown on a scale of 0-100.
         0 = Low level of resources, 100 = High level of resources.

Corruption Index numbers shown on a scale of 0-100.
         0 = High corruption, 100 = Low corruption.

Grade definitions:
         A: As good as it gets;
         B: Use with caution;
         C: Unreliable for many purposes
         D: Extremely poor quality.


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ECONOMIC GROWTH

  • Thailand's Compound Annual Growth Rate (CAGR) over the last 10, 5 and 3 years was 2.3%, 1.1% and -0.8% respectively.
  • On a 10-year CAGR basis Thailand ranks as the 9th fastest growing economy in the Asia-Pacific region and 8th of 24 countries in the Emerging Markets over the past decade.
  • However, recent years have seen a contraction with a 3-year CAGR of -0.8%.
Thailand's Compound Annual Growth Rate (CAGR) over the last 10-years
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Global
Rank:
GDP Data
Quality:
Grade
CAGR
10 Year:
2011-2021
CAGR
5 Year:
2016-2021
CAGR
3 Year:
2018-2021
Global Growth
Share:
Percentage




Gabon 83 D 2.5% 0.8% 1.0% 0.0%
Comoros 84 C 2.5% 2.3% 1.4% 0.0%
Latvia 85 B 2.5% 2.3% 1.2% 0.0%
Australia 86 A 2.5% 2.2% 1.9% 0.7%
United Arab Emirates 87 A 2.5% 0.6% -0.2% 0.4%
Nigeria 88 D 2.5% 1.3% 1.3% 1.0%
Bahrain 89 B 2.5% 1.0% -0.2% 0.0%
Thailand 90 C 2.3% 1.1% -0.8% 0.8%
Madagascar 91 D 2.3% 1.5% -0.3% 0.0%
Serbia 92 B 2.3% 3.4% 3.5% 0.1%
Uruguay 93 C 2.3% 1.9% 1.7% 0.1%
Albania 94 B 2.2% 2.5% 1.5% 0.0%
Bulgaria 95 B 2.1% 2.1% 1.2% 0.1%
Jordan 96 B 2.1% 1.6% 1.4% 0.1%
Qatar 97 B 2.1% -0.3% -0.5% 0.1%

Access the interactive all country CAGR table

  • Over the past 10 years the global economy has grown by 27%. Thailand's contribution to this growth was 0.8% once allowances are made for the informal economy.

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WEALTH

  • GDP per Capita has grown at much the same rate as most countries in the Asia-Pacific region but significantly faster than the Emerging Markets generally.
  • Thailand's GDP per Capita remains lower than the averages for the Asia-pacific regions and Emergering markets. Thailand ranks 9th for the Asia-Pacific region and 24th for the Emerging Markets.
Thailand's GDP Per Capita Growth: 10 Years
Index: 1996 = 100

GDP Per Capita: Asia-Pacific Region
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GDP Per Capita
PPP
(Int$)
GDP per Capita
Data Quality
Grade





Hong Kong $67,269 A
Australia $55,823 A
Korea, Rep. $54,589 A
New Zealand $52,008 A
Japan $44,744 A
Malaysia $38,237 B
Kazakhstan $34,352 B
Thailand $25,617 C
China $20,973 B
Azerbaijan $19,586 C
Sri Lanka $19,539 C
Indonesia $16,353 B
Mongolia $15,404 B
Philippines $11,487 B
Vietnam $11,426 C
Asia-Pacific Average $29,180 -
Emerging Markets Average $38,310 -

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INEQUALITY

  • The distribution of income in an economy and can be measured on a country by country basis by the Gini Coefficient. Gini values are not all up-to-date but in the case of Thailand the data relates to 2019, so is relatively recent.
  • World Economics has Indexed the Gini Coefficient in relation to each country for comparison purposes. The Index is on a scale of 0-100. A high value indicates a more egalitarian society - and a low value suggests a lot of the national income is in the hands of a relatively small section of the population.
  • Thailand ranks 63rd globally, 18th for the Asia Pacific region and 9th in the Emerging Markets for Inequality.
Inequality Rankings: Asia-Pacific Region
Index: 0-100, 0 = High Inequality; 100 = High Equality
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Regional
Rank
Inequality
Index
Poverty
% of Population




Mongolia 11 48.1 0.5%
Nepal 12 47.9 15.0%
Japan 13 47.8 -
Tajikistan 14 46.0 4.8%
Taiwan 15 46.0 -
Australia 16 45.4 -
Singapore 17 45.2 -
Thailand 18 44.6 0.0%
Uzbekistan 19 44.0 -
India 20 43.3 21.2%
Vietnam 21 43.3 1.9%
Bhutan 22 40.6 1.5%
Indonesia 23 39.4 4.6%
China 24 38.9 0.5%
Laos 25 38.4 22.7%

Access the interactive all country Inequality table

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DEBT

  • World Economics produces GDP data in Purchasing Power Parity terms with added estimates for the size of the informal economy and adjustments for out-of-date GDP base year data.
  • Thailand's is officially reported as having a debt-to-GDP ratio is calculated to be 58.4% by the IMF.
  • Using the World Economics GDP database, Thailand's GDP is calculated to be 46% larger than official estimates. Its debt ratio is consequently calculated at 39.9%
Debt-to-GDP Ratio for Emerging Market Countries
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Global
Rank
Debt-to-GDP
Ratio




Korea, Rep. 79 41.8%
Romania 80 41.5%
Kyrgyzstan 81 41.5%
Serbia 82 41.3%
Philippines 83 41.1%
Malawi 84 40.7%
North Macedonia 85 39.9%
Thailand 86 39.9%
Switzerland 87 39.2%
Panama 88 38.5%
Burundi 89 38.1%
Myanmar 90 37.7%
Norway 91 37.5%
Lithuania 92 36.8%
Czech Republic 93 36.7%
Asia-Pacific Average   52.5%
Emerging Markets Average   45.4%


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POPULATION

  • Thailand is the 19th most populous country in the world with approximately 70 million inhabitants.
  • Thailand last conducted a national census in 2010. Read more from the World Economics Population Data Quality Ratings and see how Thailand compares to other countries around the world and in the Asia-Pacific region.
Thailand's Population Breakdown
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Population
Size
(Millions)
Median
Age
(Years)
Age
Dependency
(Young)
Age
Dependency
(Old)
Age
Dependency
(Total)





Ethiopia 117.9 19.5 70.6% 6.3% 76.8%
Philippines 111.0 25.7 46.6% 8.6% 55.2%
Egypt 104.3 24.6 55.8% 8.8% 64.6%
Vietnam 98.2 32.5 33.6% 11.4% 45.1%
Congo, Dem. Rep 92.4 17.0 89.5% 5.9% 95.4%
Turkey 85.0 31.5 35.7% 13.4% 49.1%
Germany 83.9 45.7 21.7% 33.7% 55.4%
Thailand 70.0 40.1 23.5% 18.4% 41.9%
United Kingdom 68.2 40.5 27.8% 29.3% 57.1%
France 65.4 42.3 28.7% 33.7% 62.4%
Tanzania 61.5 18.0 81.0% 4.9% 85.9%
Italy 60.4 47.3 20.4% 36.6% 57.0%
South Africa 60.0 27.6 43.8% 8.4% 52.2%
Kenya 55.0 20.1 65.5% 4.3% 69.8%
Myanmar 54.8 29.0 37.3% 9.1% 46.5%

Access the interactive all country Population table

  • Thailand has a young population profile of 23.5% and a low old population profile of 18.4%. The average age is 40 years old.

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ENVIRONMENT

  • Thailand's total emissions of Carbon Dioxide and Methane are large placing it in the top 15 of polluters by volume but on per capita level, Thailand moves down the list to around the global median.
  • The World Economics Emissions Index (on a scale of 0-100, 0=bad, 100=good) gauges the relative emissions for a country. The Emissions Index is based on the equal weighting of total Carbon and Methane emissions.
Environmental Factors
Index: 0 = High Emissions, 100 = Low Emissions
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Emissions
Index
0-100
Carbon
Emissions
Total
Carbon
Emissions
Per Capita
Methane
Emissions
Total
Methane
Emissions
Per Capita
Air
Quality
PM2.5
Water
Access
per capita





Canada 93.3 576.7 15.2 95.5 2.5 6.4 99.0%
Japan 93.7 1,106.7 8.8 21.1 0.2 13.4 99.0%
Nigeria 94.2 140.0 0.7 127.9 0.6 61.7 77.6%
Germany 94.4 702.0 8.4 53.4 0.6 11.5 99.0%
Uzbekistan 95.2 110.2 3.3 105.9 3.1 28.3 97.8%
Vietnam 95.2 247.7 2.5 88.0 0.9 22.0 96.9%
Thailand 95.2 288.3 4.1 84.7 1.2 29.8 99.0%
Saudi Arabia 95.4 582.1 16.5 44.2 1.3 60.1 99.0%
Ethiopia 95.8 16.3 0.1 103.5 0.9 31.9 49.6%
South Africa 95.8 478.6 8.0 45.4 0.8 25.2 93.9%
Korea, Rep. 96.0 611.3 11.9 25.5 0.5 26.4 99.0%
Bangladesh 96.1 102.2 0.6 83.8 0.5 62.8 97.7%
United Kingdom 96.1 369.9 5.4 51.2 0.8 10.3 99.0%
France 96.1 323.6 5.0 58.3 0.9 11.5 99.0%

See: Access the interactive all country Environmental data table

Key:
Emissions Index numbers shown on a scale of 0-100.
         0 = Bad, 100 = Good.

Notes:
Format: Carbon data in Million MtCO2e and Methane data in MtCO2e, Air Quality: PM2.5

Methodology: Total Carbon and Total Methane data for each country has been indexed on a scale of 0-100 by using the standard deviation from the mean for each country. The implied Indexes are averaged to calculate a total Emissions Index which focuses on each countries emissions.

  • Thailand was the 25th hottest country in the World in 2021 using average annual temperature data.
  • Temperatures in Thailand have remained within a 0.5 degrees Centigrade range on average over the past 3 decades and mostly unchanged over the past 100 years.
Averge Annual Temerature by Year: Thailand

Source: CCKP. World Bank Group, Climate Change Knowledge Portal


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SOCIAL

  • The World Economics Social Index averages multiple key social indicators covering Health, Education and Employment.
  • Thailand has a worse than average rank for its social metrics, 81st out of 155 countries and 16th of 31 in the Asia-Pacific region.
Social Factors: Asia-Pacific Region
Index: 0 = Poor metrics, 100 = Excellent metrics
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Social
Factors
Index
Life
Expectancy
Years
Median
Age
Years
Mean Years
Schooling
Years
Spend on
Education
% of GDP
Population
in Work
Population %
Population
in Poverty
%





Sri Lanka 88.3 77.0 34.0 10.6 2.1% 51.7% 0.8%
Kyrgyzstan 87.2 71.5 26.0 11.1 6.0% 56.0% 0.9%
Mongolia 84.7 69.9 28.2 10.3 4.1% 56.1% 0.5%
Tajikistan 84.5 71.1 22.4 10.7 5.2% 37.4% 4.8%
Thailand 82.3 77.2 40.1 7.9 4.1% 66.8% 0.0%
Vietnam 81.7 75.4 32.5 8.3 4.2% 75.9% 1.9%
Indonesia 78.8 71.7 29.7 8.2 3.6% 64.3% 4.6%
Myanmar 70.7 67.1 29.0 5.0 2.0% 60.7% 2.0%
Bhutan 70.5 71.8 28.1 4.1 6.6% 65.2% 1.5%

Access the interactive all country Social data table

Key:
Social Factors Index numbers shown on a scale of 0-100
         0 = Poor social metrics, 100 = Excellent social metrics.

  • Thailand spends 4.1% of GDP on education, each pupil receives 7.9 years of schooling (on average) - about one year less than the global average.

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GOVERNANCE

  • Thailand ranks 86th globally, 11th in the Asia-Pacific region and 17th in the Emerging Markets for Governance.
Governance Factors Index: Asia-Pacific Region
Index: 0 = Poor, 100 = Good
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Governance
Index
(0-100 Index)
Rule of Law
Index
(0-100 Index)
Press Freedom
(0-100 Index)
Political Rights
(0-100 Index)
Corruption
Perceptions
(0-100 Index)




Azerbaijan 44.9 31.6 42.5 9.5 95.9
Myanmar 44.5 19.5 27.0 35.7 95.9
Uzbekistan 44.3 22.4 49.4 9.5 95.9
Afghanistan 44.2 4 41.3 35.7 95.9
Philippines 42.6 35 45.2 64.3 26.0
Tajikistan 40.7 18.6 43.5 4.8 95.9
Kazakhstan 38.6 38.9 52.1 16.7 46.6
Thailand 37.8 51.6 54.1 16.7 28.8
Turkmenistan 35.4 13.9 27.0 4.8 95.9
Pakistan 33.7 31.6 41.0 40.5 21.9
Bangladesh 32.4 34.5 39.5 40.5 15.1
Vietnam 28.6 45.3 28.2 11.9 28.8
China 27.8 47.2 27.2 0.0 37.0
Cambodia 24.3 25.3 46.9 16.7 8.2
Laos 24.0 27.7 39.5 9.5 19.2

Access the interactive all country Governance table

Key:
The World Economics Governance Index gives equal weight to all four criteria.

Index numbers shown on a scale of 0-100.

Governance: 0 = Poor governance, 100 = As good as it gets.
Corruption Perceptions: 0 = Bad, 100 = Good.
Rule of Law: 0 = low rule of law, 100 = High rule of law.
Press Freedom: 0 = Low press freedom, 100 = High press freedom.
Political Rights: 0 = Low political rights, 100 = High political rights.



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