ABSTRACT
Since the 1960s, Thailand has made remarkable progress in its social and economic development. Over the past five decades, per capita income has progressed with only short stalling periods during 1997–2001 due to the Asian financial crisis and during 2008–2009 due to the global financial crisis. The per capita income has increased from below USD 600 in the early 1960s, to around USD 6,000 in 2016. 1 In 2011, Thailand became an upper-middle-income economy.
