Travel Reference
In-Depth Information
Riding the Wealth Wave
Smartphones everywhere, cars instead of mo-
torcycles and the need for immigrant labour -
there is no doubt about it, Thailand is getting
richer. In 2011, the World Bank upgraded the
country's category from a lower-middle eco-
nomy to an upper-middle income economy, a
designation based on gross national income
(GNI) per capita. Thailand's GNI is US$4210,
almost double what it was a decade ago.
Certainly there have been huge gains at the
top of the economic heap. Ten Thais (up from
five) now rank on
Forbes
' 2013 list of global
billionaires. The richest residents of Thailand
are 16% richer than they were a year ago
(combined wealth increased from US$95 billi-
on to US$110 billion), representing Southeast
Asia's biggest wealth gain. The combined
wealth of Thailand's top families equals 12%
of GDP.
Though not an equitable jump, the rise in
prosperity has not been limited to the elites.
Thailand's poverty rate in 2011 was 13.2%, continuing a downward trend from 42.6% in
2000. Disparity of wealth persists in rural areas, especially in the north and northeast,
where about 88% of the country's poor live. Another metric is the Gini coefficient, which
measures income equality (based on a scale of 0, perfect equality, to 100, perfect inequal-
ity). Inequality is shrinking in Thailand sitting at a score of 39.4 in 2010. This score gains
it few global bragging rights, but it does represent a steady improvement from 2000 when
it was 43.
Making good on one of her campaign promises, Yingluck passed a minimum wage hike
to 300B per day. Though the increase hurt small and mid-sized labour-intensive factories,
the unemployment rate remains extremely low at 0.7% in 2012 and economic growth re-
mains strong at 5% for 2013. Thai workers might earn more, but costs have also risen:
cooking gas, fuel, utilities and food items have all increased in price. A bowl of noodles in
Best Films
Paradoxocracy
(Pen-ek Ratanaruang; 2013)
Traces the country's political history from the
1932 revolution to today.
Boundary
(Nontawat Numbenchapol; 2013)
Examines the military conflict at Khao Phra
Wihan on the Thailand-Cambodia border from
the point of view of a Thai soldier.
36
(Nawapol Thamrongrattanarit; 2012) Indie
love affair remembered through 36 static cam-
era set-ups.
Pee Mak Phra Khanong
(Banjong Pisanthana-
kun; 2013) Perennial ghost story gets a comedy
makeover.
Best News Analysis Sites
The Diplomat
(
www.thediplomat.com
) Current
affairs magazine covering Asia Pacific.
New Mandala
(
http://asiapacific.anu.edu.au/
newmandala
) Commentary on news, society
and culture in Southeast Asia.
Asia Times Online
(
www.atimes.com
) Respec-
ted Southeast Asia reporting.
