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Economy of Bangkok Thailand

Bangkok is the economic center of Thailand, dominating the country's economy and dwarfing other urban centers. Development continues to pour in to Bangkok mostly neglecting the rest of the nation. In 2005, it produced a GDP (PPP) of about USD 220 billion, which accounts for 44 percent of the country's GDP. Its GDP (PPP) per capita is well over USD 20,000, one of the highest in Southeast Asia, although statistics do not reveal the extent of the vast differences in wealth between haves and have nots. The Stock Exchange of Thailand is located in Bangkok with over 536 listed companies and combined market capitalization of about THB 6 trillion (USD 200 billion) as of 31 January 2007. Due to the large amount of foreign representation, Thailand has for several years been a mainstay of the Southeast Asian economy and a key center in Asian business. In the recent mini-crash known as Black Tuesday, the SET lost over THB 800 billion or USD 25 billion in value, causing markets in the Asia-Pacific to fall and causing a global impact on 17 December 2006. The loss of market valuation evoked fears of a repeat of the Asian Financial Crisis of 1997; however, a partial policy reversal saw market gaining back nearly all of the value lost.

Bangkok is home to the headquarters of all Thailand's large commercial banks and financial institutions; 27 financial institutions hold at least USD 1 billion in total assets. Their bank deposits totaled approximately THB 9.6 trillion (USD 314 billion) at the end of the third quarter in 2007. Many multinational corporations have their regional headquarters in Bangkok because the cost of operation in the city is less than in most cities in Asia. Thirteen Bangkok-based companies are on the Forbes 2000 list, including the largest Thai bank, Bangkok Bank, and the country's largest energy company PTT.

Tourism is a significant contributor to Thailand's economy, providing about 5 percent of GDP. Bangkok is Thailand's principal international gateway and a destination in its own right.

Income inequality of Bangkok's residents is significant, especially between relatively unskilled lower-income immigrants from rural provinces in Thailand and neighboring countries and middle class professionals (45% of registered residents), business elites, and retired and working foreign expats. About 7 percent of Bangkok's population (excluding illegal immigrants who constitute about 5-8 percent of population) lives below the poverty line compared to the national average of 9 percent.

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