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.
Population size
Median age
Capital
Currency unit
Internet penetration rate
Mobile penetration rate
US$8,194
2020 estimated
GDP per capita
-6.7% | 6.1%
Real GDP growth projection
(Annual per cent change,
2020 & 2021)
BBB+
S&P global ratings
38.9 mil
Total labour force (2019)
93.8%
Literacy rate (2018)
US$16.50
Average daily wage for
manufacturing employee
(2016)
20%
Corporate tax
61
Number of DTAs
10%
Dividend withholding tax
1-15%
Interest withholding tax
15%
Capital gains tax
Regulated
FX control
| Exports US$246 bil |
Imports US$236 bil |
|
|
Based on 2019 data
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 |
|
|
| Technology-based | Merit-based |
|
|
Investment benefits on Eastern Economic Corridor (EEC)
Sources: UOB Global Economics & Markets Research, World Economic Outlook (October 2019 and April 2020), World Bank, UNESCO Institute of Statistics, Asian Development Bank, Thailand Board of Investment, Trading Economics
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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