• GDP: US$163.5 billion (2004).
• Main exports: Food and live animals, office equipment, textiles and clothing, and rubber.
• Main imports: Cars, machinery and electrical machinery, and plastics
• Main trade partners: USA, Japan, China (PR), Singapore, Malaysia, Hong Kong (SAR), Indonesia and UK.

The Thai economy expanded very rapidly during the 1980s and early to mid-1990s; average annual GDP growth between 1990 and 1996 was 8.5 per cent. Nevertheless, certain aspects of its economic performance during this period gave cause for concern, notably the foreign debt, shortcomings in the taxation system and the weakness of the country's financial institutions. The economy was already slowing down when the Asian currency crisis struck in the late summer of 1997. In 1998, the economy contracted by 11 per cent. After a strong initial recovery, the Thai economy stuttered in 2001/2 but recovered to 6.1 per cent in 2004. However, following the tsunami in December 2004, growth is expected to have slowed to around 4 per cent in 2005.
Before Thailand assumed its position as one of the Asian tiger economies, agriculture had been the main economic activity: this has declined in relative importance as the industrial and service base has expanded and developed. The sector remains important nonetheless: the main crops are rice (of which Thailand is the world's leading exporter), sugar, cassava, maize, rubber, cotton and tobacco. Fishing is also significant, especially for prawns, which have become one of the country's largest exports. Another important natural resource, timber, was highly lucrative until, under international pressure, a logging ban was introduced in 1989. However, illegal logging continues - especially on the Thai-Myanmar border where much of the best quality timber may be found. The country's other principal natural resources are minerals, and gemstones are the most lucrative (again, there is much illegal activity in this industry), but there are also major deposits of tin and lead, plus copper, gold, zinc and iron, and rare metal ores containing antimony, manganese and tungsten. Natural gas and oil fields have been located offshore and are now being developed. In the industrial sector, Thailand manufactures cement, electronics, jewellery and refined sugar; there is also an important oil refinery. In the service sector, Thailand has a large tourism industry, worth billions to the economy. Thai companies are also highly active in transport, telecommunications, finance and the media. Thailand is a member of the Association of South East Asian Nations (and as such will participate in the planned Free Trade Area), as well as the Asian Development Bank and the Colombo Plan (a cooperative trading body covering South Asia).

Most people in senior management speak English but in very small companies, or those situated outside the industrial belt of Bangkok, English is not as widely spoken. Most businesses of substantial size prefer visitors to make appointments. Visiting cards are essential. Punctuality is advisable. Office hours: Mon-Fri 0830-1700. Government office hours: Mon-Fri 0830-1200 and 1300-1630.

The Thailand Incentive and Convention Association has 191 members representing all sectors of business interested in conventions and incentives. Members include hotels, airlines, publishing houses, advertising agencies, cruise operators, travel agents, lawyers, equipment suppliers and banks. The aim of the association is to provide help with every possible query that an organiser may have, as well as providing practical assistance. It publishes a quarterly newsletter, an annual guide, a gift-ideas catalogue and a social programme. The Bangkok Convention Centre is the largest venue in the country, but there are many other venues (including hotels) in Bangkok and elsewhere. The largest markets for delegates in 1988 were Malaysia, Japan, the USA, Taiwan and Australia, though interest from Canada and Germany showed a considerable increase. In October 1991, Thailand hosted the annual meeting of the World Bank and International Monetary Fund attended by 15,000 delegates.

Department of Export Promotion
22/77 Rachadapisek Road, Chatuchak, Bangkok 10900, Thailand
Tel: (2) 511 5066.
Website: www.thaitrade.com

Thai Chamber of Commerce
150 Rajbopit Road, 2146, 10200 Bangkok, Thailand
Tel: (2) 622 1860.
Website: www.thaiechamber.com

Thailand Incentive and Convention Association (TICA) (Information on Conferences/Conventions)
99/7 Soi Ladprao 8, Ladyao, Chatuchak, Bangkok 10900, Thailand
Tel: (2) 938 6590.
Website: www.tica.or.th