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Economy of Thailand



rgest transaction with involvement of Thai companies has been: PTT Chemical PCL merged with PTT Aromatics and Refining PCL valued at USD$3.8 billion in 2011.

Forty-nine percent of Thailand's labor force is employed in agriculture, however this is less than the 70% employed in 1980. Agriculture has been experiencing a transition from labour intensive and transitional methods into a more industrialised and competitive sector. Between 1962 and 1983, the agricultural sector grew by 4.1% on average a year and continued to grow at 2.2% between 1983 and 2007. However, the relative contribution of agriculture to GDP has declined while exports of goods and services have increased. As of December 2011, the unemployment rate in Thailand stands at 0.4%.

With the instability surrounding the recent coup and the military rule, however, the GDP growth of Thailand has settled at around 4–5% from previous highs of 5–7% under the previous civilian administration, as investor and consumer confidence has been degraded somewhat due to political uncertainty. The IMF has predicted that the Thai economy will rebound strongly from the low 0.1% GDP growth in 2011 to 5.5% in 2012, 7.5% in 2013 thanks to the accommodative monetary policy of the Bank of Thailand and a package of fiscal stimulus measures by the incumbent Yingluck Shinawatra government.

Thailand generally uses the metric system but traditional units of measurement for land area are used, and imperial measure (feet, inches etc.) are occasionally used with building materials such as wood and plumbing sizes. Years are numbered as B.E. (Buddhist Era) in education, the civil service, government, and on contracts and newspaper datelines; in banking, however, and increasingly in industry and commerce, standard Western year (Christian or Common Era) counting