Thailand is a newly industrialised country. After enjoying the world's highest growth rate from 1985 to 1996 - averaging almost 9% annually - increased pressure on Thailand's currency, the baht, in 1997, the year in which the economy contracted by 1.9% led to a crisis that uncovered financial sector weaknesses and forced the government to float the currency. Pegged at 25 to the US dollar from 1978 to 1997, the baht reached its lowest point of 56 to the US dollar in January 1998 and the economy contracted by 10.8% that same year. The collapse prompted a wider Asian financial crisis.

Thailand exports over $105 billion worth of products annually ^[2]. Major exports include rice, textiles and footwear, fishery products, rubber, jewelry, automobiles, computers and electrical appliances. Thailand is the world’s no.1 exporter of rice, exporting 6.5 million tons of milled rice annually. Rice is the most important crop in the country. Thailand has the highest percent of arable land, 27.25%, of any nation in the Greater Mekong Subregion About 55% of the available land area is used for rice production

Substantial industries include electric appliances, components, computer parts and automobiles, while tourism contributes about 5% of the Thai economy's GDP. Long stay foreign residents and their business investments also contribute heavily to GDP.