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Cambodia vs. Thailand

Economy

CambodiaThailand
Economy - overviewCambodia has experienced strong economic growth over the last decade; GDP grew at an average annual rate of over 8% between 2000 and 2010 and at least 7% since 2011. The tourism, garment, construction and real estate, and agriculture sectors accounted for the bulk of growth. Around 600,000 people, the majority of whom are women, are employed in the garment and footwear sector. An additional 500,000 Cambodians are employed in the tourism sector, and a further 50,000 people in construction. Tourism has continued to grow rapidly with foreign arrivals exceeding 2 million per year since 2007 and reaching around 4.5 million visitors in 2014. Mining also is attracting some investor interest and the government has touted opportunities for mining bauxite, gold, iron and gems.

Cambodia remains one of the poorest countries in Asia and long-term economic development remains a daunting challenge, inhibited by endemic corruption, limited human resources, high income inequality, and poor job prospects. As of 2012, approximately 2.66 million people live on less than $1.20 per day, and 37% of Cambodian children under the age of 5 suffer from chronic malnutrition. More than 50% of the population is less than 25 years old. The population lacks education and productive skills, particularly in the impoverished countryside, which also lacks basic infrastructure.

The World Bank in 2016 formally reclassified Cambodia as a lower middle-income country as a result of continued rapid economic growth over the past several years. Cambodia’s graduation from a low-income country will reduce its eligibility for foreign assistance and will challenge the government to seek new sources of financing in 2017. The Cambodian Government has been working with bilateral and multilateral donors, including the Asian Development Bank, the World Bank and IMF, to address the country's many pressing needs; more than 30% of the government budget comes from donor assistance. A major economic challenge for Cambodia over the next decade will be fashioning an economic environment in which the private sector can create enough jobs to handle Cambodia's demographic imbalance.
With a relatively well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies, Thailand is highly dependent on international trade, with exports accounting for about two-thirds of GDP. Thailand’s exports include electronics, agricultural commodities, automobiles and parts, and processed foods. The industry and service sectors produce about 90% of GDP. The agricultural sector, comprised mostly of small-scale farmers, contributes only 10% of GDP but employs about one-third of the labor force. Thailand has attracted an estimated 3.0-4.5 million migrant workers, mostly from neighboring countries.

Over the last few decades, Thailand has had strong growth and has reduced poverty substantially. In 2013, the Thai Government implemented a nationwide 300 baht (roughly $10) per day minimum wage policy and deployed new tax reforms designed to lower rates on middle-income earners.

Growth has slowed in the last few years, however, due to domestic political turmoil and sluggish global demand. Nevertheless, Thailand’s economic fundamentals are sound, with low inflation, low unemployment, and reasonable public and external debt levels. Tourism and government spending - mostly on infrastructure and short-term stimulus measures – have helped to boost the economy, and The Bank of Thailand has been supportive, with several interest rate reductions.

Over the longer-term, Thailand faces labor shortages, and domestic debt levels, political uncertainty, and an aging population pose risks to growth.
GDP (purchasing power parity)$58.94 billion (2016 est.)
$55.09 billion (2015 est.)
$51.47 billion (2014 est.)
note: data are in 2016 dollars
$1.161 trillion (2016 est.)
$1.125 trillion (2015 est.)
$1.093 trillion (2014 est.)
note: data are in 2016 dollars
GDP - real growth rate7% (2016 est.)
7% (2015 est.)
7.1% (2014 est.)
3.2% (2016 est.)
2.9% (2015 est.)
0.9% (2014 est.)
GDP - per capita (PPP)$3,700 (2016 est.)
$3,500 (2015 est.)
$3,400 (2014 est.)
note: data are in 2016 dollars
$16,800 (2016 est.)
$16,300 (2015 est.)
$15,900 (2014 est.)
note: data are in 2016 dollars
GDP - composition by sectoragriculture: 26.7%
industry: 29.8%
services: 43.5% (2016 est.)
agriculture: 8.9%
industry: 35.9%
services: 55.3% (2016 est.)
Population below poverty line17.7% (2012 est.)
7.2% (2015 est.)
Household income or consumption by percentage sharelowest 10%: 2%
highest 10%: 28% (2013 est.)
lowest 10%: 2.8%
highest 10%: 31.5% (2009 est.)
Inflation rate (consumer prices)2.8% (2016 est.)
1.2% (2015 est.)
0.2% (2016 est.)
-0.9% (2015 est.)
Labor force6.643 million (2016 est.)
38.45 million (2016 est.)
Labor force - by occupationagriculture: 48.7%
industry: 19.9%
services: 31.5% (2013 est.)
agriculture: 31.8%
industry: 16.7%
services: 51.5% (2015 est.)
Unemployment rate0.3% (2013 est.)
0.2% (2012 est.)
note: according to official statistics; underemployment is high
0.9% (2016 est.)
0.9% (2015 est.)
Distribution of family income - Gini index37.9 (2008 est.)
41.9 (2004 est.)
44.5 (2015)
48.4 (2011)
Budgetrevenues: $3.388 billion
expenditures: $3.562 billion (2016 est.)
revenues: $76.69 billion
expenditures: $86.94 billion (2016 est.)
Industriestourism, garments, construction, rice milling, fishing, wood and wood products, rubber, cement, gem mining, textiles
tourism, textiles and garments, agricultural processing, beverages, tobacco, cement, light manufacturing such as jewelry and electric appliances, computers and parts, integrated circuits, furniture, plastics, automobiles and automotive parts, agricultural machinery, air conditioning and refrigeration, ceramics, aluminum, chemical, environmental management, glass, granite and marble, leather, machinery and metal work, petrochemical, petroleum refining, pharmaceuticals, printing, pulp and paper, rubber, sugar, rice, fishing, cassava, world's second-largest tungsten producer and third-largest tin producer
Industrial production growth rate8.3% (2016 est.)
3.1% (2016 est.)
Agriculture - productsrice, rubber, corn, vegetables, cashews, cassava (manioc, tapioca), silk
rice, cassava (manioc, tapioca), rubber, corn, sugarcane, coconuts, palm oil, pineapple, livestock, fish products
Exports$8.762 billion (2016 est.)
$8.453 billion (2015 est.)
$215.3 billion (2016 est.)
$214.4 billion (2015 est.)
Exports - commoditiesclothing, timber, rubber, rice, fish, tobacco, footwear
automobiles and parts, computer and parts, jewelry and precious stones, polymers of ethylene in primary forms, refine fuels, electronic integrated circuits, chemical products, rice, fish products, rubber products, sugar, cassava, poultry, machinery and parts, iron and steel and their products
Exports - partnersUS 23%, UK 8.7%, Germany 8.2%, Japan 7.4%, Canada 6.7%, China 5.1%, Vietnam 5%, Thailand 4.9%, Netherlands 4% (2015)
US 11.2%, China 11.1%, Japan 9.4%, Hong Kong 5.5%, Malaysia 4.8%, Australia 4.6%, Vietnam 4.2%, Singapore 4.1% (2015)
Imports$12.32 billion (2016 est.)
$11.92 billion (2015 est.)
$194.7 billion (2016 est.)
$202.7 billion (2015 est.)
Imports - commoditiespetroleum products, cigarettes, gold, construction materials, machinery, motor vehicles, pharmaceutical products
machinery and parts, crude oil, electrical machinery and parts, chemicals, iron & steel and product, electronic integrated circuit, automobile’s parts, jewelry including silver bars and gold, computers and parts, electrical household appliances, soybean, soybean meal, wheat, cotton, dairy products
Imports - partnersThailand 28.7%, China 22.2%, Vietnam 16.4%, Hong Kong 6.1%, Singapore 5.7% (2015)
China 20.3%, Japan 15.4%, US 6.9%, Malaysia 5.9%, UAE 4% (2015)
Debt - external$8.46 billion (31 December 2016 est.)
$7.483 billion (31 December 2015 est.)
$131.4 billion (31 December 2016 est.)
$131.4 billion (31 December 2015 est.)
Exchange ratesriels (KHR) per US dollar -
4,066 (2016 est.)
4,067.8 (2015 est.)
4,067.8 (2014 est.)
4,037.5 (2013 est.)
4,033 (2012 est.)
baht per US dollar -
35.4 (2016 est.)
34.248 (2015 est.)
34.248 (2014 est.)
32.48 (2013 est.)
31.08 (2012 est.)
Fiscal yearcalendar year
1 October - 30 September
Public debt33.9% of GDP (2014 est.)
33.4% of GDP (2013 est.)
50.4% of GDP (2016 est.)
46% of GDP (2015 est.)
note: data cover general government debt, and includes debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are sold at public auctions
Reserves of foreign exchange and gold$8.477 billion (31 December 2016 est.)
$7.376 billion (31 December 2015 est.)
$171.9 billion (31 December 2016 est.)
$156.5 billion (31 December 2015 est.)
Current Account Balance-$1.678 billion (2016 est.)
-$1.886 billion (2015 est.)
$46.41 billion (2016 est.)
$32.15 billion (2015 est.)
GDP (official exchange rate)$19.37 billion (2016 est.)
$406.8 billion (2016 est.)
Stock of direct foreign investment - at home$29.17 billion (2014 est.)
$197.4 billion (31 Decenber 2016 est.)
$188.9 billion (31 December 2015 est.)
Market value of publicly traded shares$NA
$348.8 billion (31 December 2015 est.)
$430.4 billion (31 December 2014 est.)
$354.4 billion (31 December 2013 est.)
Central bank discount rateNA% (31 December 2012)
5.25% (31 December 2007)
1.5% (31 December 2016)
1.5% (31 December 2015)
Commercial bank prime lending rate11.8% (31 December 2016 est.)
11.71% (31 December 2015 est.)
6.4% (31 December 2016 est.)
6.56% (31 December 2015 est.)
Stock of domestic credit$11.72 billion (31 December 2016 est.)
$9.776 billion (31 December 2015 est.)
$501.5 billion (31 December 2016 est.)
$486.6 billion (31 December 2015 est.)
Stock of narrow money$1.785 billion (31 December 2016 est.)
$1.602 billion (31 December 2015 est.)
$50.36 billion (31 December 2016 est.)
$49.27 billion (31 December 2015 est.)
Stock of broad money$14.38 billion (31 December 2016 est.)
$12.12 billion (31 December 2015 est.)
$518.1 billion (31 Decenber 2016 est.)
$512.5 billion (31 Decenber 2015 est.)
Taxes and other revenues17.5% of GDP (2016 est.)
18.9% of GDP (2016 est.)
Budget surplus (+) or deficit (-)-0.9% of GDP (2016 est.)
-2.5% of GDP (2016 est.)
Unemployment, youth ages 15-24total: 0.5%
male: 0.7%
female: 0.4%
note: according to official statistics (2010 est.)
total: 3.4%
male: 2.8%
female: 4.4% (2013 est.)
GDP - composition, by end usehousehold consumption: 78.5%
government consumption: 5.4%
investment in fixed capital: 21%
investment in inventories: 1.6%
exports of goods and services: 64.7%
imports of goods and services: -71.2% (2016 est.)
household consumption: 50.9%
government consumption: 17.9%
investment in fixed capital: 24.1%
investment in inventories: -1.4%
exports of goods and services: 65.4%
imports of goods and services: -56.9% (2016 est.)
Gross national saving12.7% of GDP (2016 est.)
11.8% of GDP (2015 est.)
11.1% of GDP (2014 est.)
34.1% of GDP (2016 est.)
32% of GDP (2015 est.)
27.9% of GDP (2014 est.)

Source: CIA Factbook