Understanding the Development Status of Thailand
Looking into the aspect of economic development tends to place a country into a third world nation, developing nation, and developed nation. While economic stability and rising growth rates tend to place countries between either being developed or developing, third world nations receive a whole different definition. So, where does Thailand belong? Well, the best way to understand the same would be to go through their economic parameters and understand all that it projects. So let’s go ahead and do it.
1. GDP (Gross Domestic Product)
With a GDP of around $450 billion, Thailand comfortably places itself as the 25th largest economy globally. So when you look into the form of per capita, you will end up with $17,900 per person. As a result, Thailand tends to be close to countries like Costa Rica, Iraq, etc. Thus, that only goes out to indicate the parameters of being average by global standards.
The infrastructure of Thailand is known to be well maintained and equipped when compared to its neighbours and certain other former third world countries. Its electricity never goes out, and tap water is known to be relatively clean. But once again, that does not fare well when the comparison shifts to western countries and other similar places.
For countries to pioneer ahead and achieve a substantial economy, their political climate needs to be aligned with knowledgeable policymakers. When you look into Thailand, that very concept revolves around a long list of aspects. Although the kind remains as the head of the state, his power tends to be limited. The constitutional monarchy holds democratic elections and moves ahead in a specific path.
But the main ingredient of attention comes with the military’s influence on politics and other similar areas. As a result, one can never compare Thailand to a country like the UK, where the Queen remains as the head of the state.
The biggest evil factor out of the list tends to be a common ingredient in several countries. For Thailand, corruption continues to be a national issue despite the inclusion of practices that can reduce the same to a considerable extent. Bribes and other kinds of practices are quite common, and different members of the government practice the same. Due to that, the economy tends to be affected, and growth stands to be at a crucial stage.
When you sum up the aspects mentioned above, you will be confused about Thailand’s economic status. While the country has been termed as a Third World Nation in the past, economists have also gone ahead to classify the same as a developing nation. But when you look into the areas mentioned above, you can be satisfied with the conclusion that Thailand is a developing nation.