section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  The economy of Thailand is heavily export-dependent, with exports accounting for more than two-thirds of gross domestic product (GDP). Thailand exports over US$105 billion worth of goods and services annually. Major exports include cars, computers, electrical appliances, rice, textiles and footwear, fishery products, rubber, and jewellery.
  
  Thailand is an emerging economy and is considered a newly industrialised country. Thailand had a 2017 GDP of US$1.236 trillion (on a purchasing power parity basis). Thailand is the second largest economy in Southeast Asia after Indonesia. Thailand ranks midway in the wealth spread in Southeast Asia as it is the fourth richest nation according to GDP per capita, after Singapore, Brunei, and Malaysia.
  
  Thailand functions as an anchor economy for the neighbouring developing economies of Laos, Myanmar, and Cambodia. In the third quarter of 2014, the unemployment rate in Thailand stood at 0.84% according to Thailand's National Economic and Social Development Board (NESDB).
  
  In 2017, the Thai economy grew an inflation-adjusted 3.9%, up from 3.3% in 2016, marking its fastest expansion since 2012. High public spending, especially during the COVID-19 pandemic, prompted the authorities to raise Thailand's public debt ceiling from 60% to 70% of GDP. As of 2024, Thailand struggle with low productivity, poor education, high household debt, low private investment and slow economic growth, with an economic research group forecasted an annual GDP growth of below 2% in the next decades without structural reforms.