Comparing the Economic Development Situation Thailand and India - Essay Example

Running Head: COMPARING THE ECONOMIC DEVELOPMENT SITUATION THAILAND AND INDIA (Your Name) (Institution’s Name) The UNDP demographic trend reveals that US had a total population of 220200000 in 1975, this continued to increase annually such that by 2004 the total population stood at 295,400,000 and is expected to be over 325,700,000 by 2015. However annual population growth rate continued to decline such that as from 1975-2004 it stood at 1.0 per cent and is even expected to decline to 0.9 per cent in the 1975-2004 period. Urban population has continued to increase, this has been attributed to the rural;-urban immigrants who go looking for jobs. In 1975 the urban population stood at 73.7 per cent increasing to 80.5 per cent in 2004. Urban population is also projected to increase to 83.7 per cent by 2015. Population under the age of 15 was 20.9 per cent in 2004 and is expected to reduce to19.7 per cent in 2015. However, the population of those aged 65 and above is expected to increase from 12.3 per cent in 2004 to 14.1 per cent by 2015. The total fertility rate in birth per woman has been held constant from 1970 -2005 i.e. at 2 .0 births per woman as shown below. 5. Demographic trends Total population (millions), 1975 220.2 Total population (millions), 2004 295.4 Total population (millions), 2015 325.7 Annual population growth rate (%), 1975-2004 1.0 Annual population growth rate (%), 2004-15 0.9 Urban population (% of total), 1975 73.7 Urban population (% of total), 2004 80.5 Urban population (% of total), 2015 83.7 Population under age 15 (% of total), 2004 20.9 Population under age 15 (% of total), 2015 19.7 Population ages 65 and older (% of total), 2004 12.3 Population ages 65 and older (% of total), 2015 14.1 Total fertility rate (births per woman), 1970-75 2.0 Total fertility rate (births per woman), 2000-05 2.0 Source: UNDP demographic trends According to the UNDP demographic trends India had a total population of 620,700,000, this continued to increase year after the other such that by 2004 the total population stood at 1,087,100000 and is expected to be over 1,260,400,000 by 2015. However annual population growth rate continued to decline such that as from 1975-2004 it stood at 1.9% and is even expected to decline to 1.3% in the 1975-2004 period. Urban population has continued to increase, this has been attributed to the rural;-urban immigrants who go looking for jobs. In 1975 the urban population stood at 21.3% increasing to 28.5% by 2004. Urban population is also projected to increase to 32.0% by 2015. Population under the age of 15 was 15 per cent in 2004 and is expected to reduce to 28 per cent in 2015. However, the population of those aged 65 and above is expected to increase from 5.2 per cent in 2004 to 6.2 per cent by 2015. The total fertility rate in birth per woman has been declining. From 1970 to 1975 the rate stood at 5.4 down to 3.1 in 2000 to 2005 as shown below 5. Demographic trends Total population (millions), 1975 620.7 Total population (millions), 2004 1,087.1 Total population (millions), 2015 1,260.4 Annual population growth rate (%), 1975-2004 1.9 Annual population growth rate (%), 2004-15 1.3 Urban population (% of total), 1975 21.3 Urban population (% of total), 2004 28.5 Urban population (% of total), 2015 32.0 Population under age 15 (% of total), 2004 32.5 Population under age 15 (% of total), 2015 28.0 Population ages 65 and older (% of total), 2004 5.2 Population ages 65 and older (% of total), 2015 6.2 Total fertility rate (births per woman), 1970-75 5.4 Total fertility rate (births per woman), 2000-05 3.1 Source: UNDP demographic trends Thailand covers an area of 513,120 square kilometers. It had 76 provinces and 795 districts by the year 2000. By April 1, 2000, population in Thailand stood at 60,606,947 out of which 30,762,077 were females and 29,844,870 were males. The country was ranked fourth most populated country in Southeast Asia. At the time of its first census in 1909 Thailand’s stood at 8.2 million, the number increased with its fifth census of 1947 registering 17.4 million. The National Statistical Office has been carrying out a population census since 1960 at 10 years interval period. In 1960 the population was 26.3 million in 1960, 54.5 million (1990) and 60.6 million (2000) as shown in the table below. Year Population Annual growth rate 1909 8,149,487 - 1919 9,207,355 1.22 1929 11,506,207 2.23 1937 14,464,105 2.86 1947 17,442,689 1.87 1960 26,257,916 3.15 1970 34,397,374 2.70 1980 44,824,540 2.65 1990 54,548,530 1.96 2000 60,606,947 1.05 Sources: Censuses, 1909 - 1947, the Ministry of Interior and the National Statistical Office While the size of population appeared to increase each time a census was taken, the annual population growth rate declined drastically. The annual population growth rate recorded 1.05 percent from 1990 to 2000, this was the lowest to be recorded since the first census. From 1960-1970 annual population growth rate stood at 2.70 per cent declining to 1.05 percent as reflected in the table above. Municipal areas recorded a population of 18,842,537 by 2000 which accounted for 31.1 per cent as compared with that of 1990 which was 18.7 per cent. The total population stood at 41300000 in 1975, increasing to 63700000 in 2004 and is expected to grow to 69.1in 2015. Annual growth rate averaged 1.5 percent from 1975-2004 and is expected to go down to an average of 0.7 per cent from 2004 to 2015. Thailand also recorded a considerable increase in the urban population such that by 1975 it stood at 23.8 per cent, 30 per cent in 2004 and is expected to hit 36.2 per cent by 2015. Population under the age of 15 years continued to decrease from 24.1 per cent in 2004 to a projection of 21.2 per cent in 2015. The population of the aged (65 years and above is expected to increase from 6.9 per cent in 2004 to 9.3 per cent in 2015 while the fertility rate dropped from 5 births per woman in 1970-1975 period to 1.9 births per woman in 2000-2005 5. Demographic trends Total population (millions), 1975 41.3 Total population (millions), 2004 63.7 Total population (millions), 2015 69.1 Annual population growth rate (%), 1975-2004 1.5 Annual population growth rate (%), 2004-15 0.7 Urban population (% of total), 1975 23.8 Urban population (% of total), 2004 32.0 Urban population (% of total), 2015 36.2 Population under age 15 (% of total), 2004 24.1 Population under age 15 (% of total), 2015 21.2 Population ages 65 and older (% of total), 2004 6.9 Population ages 65 and older (% of total), 2015 9.3 Total fertility rate (births per woman), 1970-75 5.0 Total fertility rate (births per woman), 2000-05 1.9 Source: UNDP demographic trends Human development index in Thailand (year 2004 in particular) depicts wide gaps in life chances and well-being that continue to divide the highly interrelated globe. Through going through some of the most essential aspects of people’s opportunities and lives the HDI provides a rather complete picture of a country’s development than any other indicators. It therefore emerges those countries on equal level of HDI as Thailand can have very diverse levels of life expectancy and income. Most of these countries have been making a lot of progress in increasing their HDI score since mid-1970s. Thailand’s GDP per capita had risen up to 8,090(PPP US$) as shown below. Source: UNDP human development report 2006 The differences in the average wages in various sectors .i.e. service, agriculture and industry in the three countries are as a result of different levels in their economic performances. United States, for example, had 11,651.1 US dollars GDP in 2004 making the wages in various sectors of its economy higher as compared to Thailand and India who 515.3 and 3,389.77 US billion dollars (ppp) respectively. Thailand paid the least wages as a result of its low of economic development. The human development trends in the three countries appear to be recording gradual growth rates as reflected in the figure below. Trends in Human Development Index Year Thailand India United States 1975 0.615 0.413 0.868 1980 0.654 0.439 0.889 1985 0.680 0.477 0.902 1990 0.717 0.515 0.917 1995 0.751 0.548 0.930 2000 0.775 0.577 0.940 2004 0.785 0.611 0.948 Source: UNDP trends in human development index The structure of trade indicated that Thailand had a deficit in the balance of payment in 1990 i.e. its imports of goods and services stood at 42 per cent of GDP while its exports stood at 34 per cent of GDP. However the trend changed in 2004 where Thailand recorded a surplus in the balance of payment. Its exports were 71 per cent GDP while its imports were 66 per cent GDP. India maintained a deficit in the balance of payment with a record 9 percent in imports in 1990 and 7 per cent in exports the same year. In 2004, India’s structure of trade maintained a deficit in the balance of payment with 23 per cent imports and 19 per cent exports. This scenario indicated good environment which could support trade between the two countries i.e. India would import from Thailand while Thailand would export to India. Like India, the United States recorded a deficit in the balance of payment in the two periods, in 1990 its exports were 10 per cent of GDP while its imports were 11 per cent of GDP in the same year. In 2004, United States still recorded a deficit in the balance of payment where it had recorded 14 per cent of GDP in imports and 10 per cent of GDP in exports. Therefore, United States can comfortably enter into a business relationship with Thailand following the fact that US imports more while Thailand exports more thus mutually benefiting from each other. United States is leading in the increment of population growth, human and manufactured capital as well as in recording high progress and improvements in institutional services. This can be attributed to the huge exodus of international migrants who move to the US in search for greener pastures. The immigrants are from various continents of the world and have been very resourceful in steering developments in the US. Most people have been going to the US for further studies but remain there after completion of their studies, this has resulted to brain drain in other countries a huge advantage to the US economic development. This has in return led to the increase in the manufactured and human References World Bank Income measure, Retrieved October 23, 2007, from www.worldbank.org. Human Development Index, Retrieved October 19, 2007, from www.dfid.gov.uk/ Read More