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Thailand has been an agrarian economy that has successfully re-invented itself as a multi-faceted economy, embracing some of the most state-of-the-art technology to help drive this new economy.
The diversity of Thailand’s natural resources and the rich growing conditions of Thailand’s central plain as well as other areas, enable Thailand to not only enjoy agricultural self-sufficiency, but they have become one of the main food exporters in Asia.
In the agricultural private sector, the innovation and adoption of tried and true business models have been able to broaden the country’s base and develop new methods and products to meet the world’s growing food demand.
The country is one of the world’s largest exporters of tuna, canned pineapple and frozen prawns.
Thailand is also making increasing inroads into the manufacturing sector and has become known for its computer and computer parts manufacturing, plastic products, footwear, automobile manufacturing and textiles, ceramics, cement, bearings, printed circuit boards and hard-disk drives.
The Kingdom is a charter member of the Association of Southeast Asian Nations (ASEAN). This is a group of ten member nations that have organized with the goal of increasing their individual economic development.
Leading regional economies are settling into a pattern of more moderate, more sustainable growth, founded on new opportunities nearer to home, including domestic consumption and intra-regional trade.
The Asian Development Outlook (ADO) 2013 estimates that regional economic growth in the Asia Pacific region will pick up to 6.6% in 2013 and reach 6.7% in 2014. This represents an improvement over the growth figure of 6% in 2012. Consumer prices are expected to rise by 4.0% in 2013 and 4.2% in 2014, up from 3.7% last year.