Over the last four decades, Thailand has made remarkable progress in social and economic development, moving from a low-income to an upper middle-income country in less than a generation. As such, Thailand has been a widely cited development success story, with sustained strong growth and impressive poverty reduction. Thailand’s economy grew at an average annual rate of 7.5% in the boom years of 1960-1996 and 5% during 1999-2005 following the Asian Financial Crisis. This growth created millions of jobs that helped pull millions of people out of poverty. Gains along multiple dimensions of welfare have been impressive: more children are getting more years of education, and virtually everyone is now covered by health insurance while other forms of social security have expanded.
However, the growth prospects from the export-led model that not long ago powered so much of Thailand’s economic growth seem to have diminished significantly, owing to a stagnation in productivity. Average growth in total factor productivity (TFP) stagnated from a high of 3.6% per annum during the early 2000s to just 1.3% during 2009–2017. Private investment declined from more than 40% in 1997 to 16.9% of GDP in 2019, while foreign direct investment flows and participation in global value chains have shown signs of stagnation.
Additionally, the COVID-19 pandemic has dealt a blow to the economy, aggravating the structural challenges. In 2020, the economy is estimated to have contracted by 6.1%. This is sharply steeper than the decline that occurred during the 2008 Global Financial Crisis (0.3% in 2008) and second only to the 7.2% contraction in 1998, the sharpest full-year economic contraction in the past 25 years. A rapid phone survey by the World Bank implemented from April to June 2021 estimated that more than 70% of households experienced a decline in their income since March 2020, with vulnerable groups being hit hardest.
BANGKOK PATTAYA (5 Days)
Day 1: Bangkok – Arrival and Transfer to Pattaya
Welcome to the capital of Thailand - Bangkok! Upon arrival at Bangkok Airport, you will be met by our representative who will assist you with the transfer to the Pattaya hotel where you check-in around 1400 hrs. 150Km Southeast of Bangkok, Pattaya is approx 90 mins by road, which is Thailand’s largest resort city. As a beach resort with city status, Pattaya has something for everyone. Most beach resorts rely on their natural surroundings; Pattaya makes an all-out attempt to provide the best of everything- recreation, entertainment, sightseeing and fun. Day is free to enjoy the optional activities.
Day 2: Pattaya: Coral Island Tour
Post breakfast, set out to explore the fascinating Coral Island. Coral Island is a lovely spot catering to all kinds of tourist.Whether you want to laze around on the island’s soft white sand or you want to get livelier and enjoy a few water sports (on your own). Enjoy Lunch. Evening is at your disposal to explore Pattaya on your own.
Day 3: Pattaya – Bangkok - Bangkok Temple & City Tour with Golden & Marble Buddha
After breakfast you will be met by our representative who will assist you with transfer to Bangkok. Bangkok offers to visitors not only the cosmopolitan amenities they would expect fromother big cities, but also a unique treasure house of cultural attractions. Bangkok has a feast of attractions to offer, glittering Buddhist temples of great beauty, magnificent palaces, classical dance extravaganzas, numerous shopping centres and its people’s way of life. Arrive and enjoy a Temple and City Tour of Bangkok. Bangkok takes great pride in a large number of fascinating temples around the ca
Day 4: Bangkok: Day Free
Today after breakfast, the day is free for you to shop at the various shopping malls and outlets in the city on your own or to avail of an optional tour.
Day 5: Depart Bangkok - Fly back home
This morning after breakfast, you will be transferred to the airport for your flight back home to India.