Thailand economic profile: Fact sheet

About

Thailand is a parliamentary democracy with a constitutional monarchy. In 2011, the World Bank upgraded Thailand's income status from a lower middle-income economy to an upper-middle income economy, reflecting the country's socio-economic progress in areas such as reducing poverty, improving education and attracting foreign direct investments. It is a major exporter of manufactured goods (vehicles, electronics) and agricultural products (rice, rubber), with total exports accounting for around 65 per cent of GDP.

69.5 mil

Population size

39 years

Median age

Bangkok

Capital

Thai baht (THB)

Currency unit

56.8%

Internet penetration rate

184.3%

Mobile penetration rate

Economy

US$9,476

GDP per capita projection
(Current prices, 2025)

3.7%

Real GDP growth projection
(Annual percent change, 2025)

BBB+

S&P global ratings

Labour

39.0 mil

Total labour force (2020)

92.9%

Literacy rate

THB15,200

Nominal wage (2019)

Key Sectors

Agriculture and biotechnology
Automation and robotics
Aviation and logistics
Biofuels and biochemicals

Digital
Food for the future
Medical and wellness tourism
Medical hub

Next-generation automotive
Smart electronics

Tax Profile

20%

Corporate tax

61

Number of DTAs

10%

Dividend withholding tax

1-15%

Interest withholding tax

15%

Capital gains tax

Regulated

FX control

Trade

Exports US$246 bil	Imports US$236 bil
China United States Japan Vietnam Hong Kong	China Japan United States Malaysia South Korea

Based on 2019 data

Others

75 Industrial Estates
10 Special Economic Zones (SEZs)

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Thailand Plus, a stimulus package introduced to attract FDIs, offers tax incentives, tax deduction for STEM developments and development of new special investment zones.

BOI Investment Incentive Scheme

Product-based	Area-based
Bio & Medical Industries Advanced Manufacturing High Value Business & Service Creative & Digital Industries	EEC 3 provinces SEZ 10 provinces Southern Border Industrial Estates/Zones
Technology-based	Merit-based
Biotechnology Nanotechnology Advanced Material Technology Digital Technology	Research & Development (R&D) Support academic/research institutes Advanced technology training

Investment benefits on Eastern Economic Corridor (EEC)

Exemption from corporate income taxation (CIT) for 13 years
Exemption of import duties on machinery
Matching grants for investment
Permission to own land for BOI projects
Rights to state's land for 50 years
Personal income tax rate of 17 per cent
One-stop service centre
Five-year work visa

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Sources: UOB Global Economics & Markets Research, Central Intelligence Agency’s The World Factbook, World Economic Outlook (October 2020), World Bank, UNESCO Institute of Statistics, Asian Development Bank, Thailand Board of Investment, Trading Economics

Important notes and disclaimers

This fact sheet is given on a general basis without obligation and is strictly for information only. Nothing in this fact sheet constitutes accounting, legal, regulatory, tax or other advice. This fact sheet is not intended as an offer, recommendation, solicitation, or advice to purchase or sell any investment product, securities or instruments. Although reasonable care has been taken to ensure the accuracy and objectivity of the information contained in this fact sheet, UOB and its employees make no representation or warranty, whether express or implied, as to its accuracy, completeness and objectivity and accept no responsibility or liability for any error, inaccuracy, omission or any consequence or any loss or damage howsoever suffered by any person arising from any reliance on the information in this fact sheet.

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Thailand Fact Sheet