Thailand has come first in the list of 15 happiest economies in the world, based on a survey by Bloomberg News.

 

Government Spokesman Major General Sansern Kaewkamnerd quoted a report in the Bloomberg Misery Index 2016 that Thailand has been rated the "happiest economy” in the world for two consecutive years.

 

According to the report, Thailand retains its bottom place among the miserable economies because of continuing low unemployment and inflation. The index was compiled by surveying economists and looking at economic data for inflation and unemployment.

 

Although Thailand is not a wealthy country, the index attributes Thailand’s low ranking to its unusually low unemployment rate and "unique structural issues that allow more people to count as employed.” Its unemployment rate was just 0.9 percent and inflation was at 2.5 percent in 2015, according to World Bank data.

 

Coming after Thailand in the list of happiest economies are Switzerland, Japan, South Korea, Taiwan, Denmark, China, the United States, Norway, the United Kingdom, Austria, New Zealand, Iceland, Malaysia, and Germany.

 

The Government Spokesman said that the index shows that amidst the current economic volatility, Thailand’s economic situation remains stable. The international community is also confident in the Thai economy.

 

He said that the Prime Minister had learned about the Bloomberg Misery Index and showed his satisfaction with the performance of relevant government agencies that would be able to maintain the low unemployment and inflation rates. The Prime Minister also commended the private sector and the people for their good cooperation in pushing for the improvement of the Thai economy.

 

According to the Bank of Thailand, the Thai economy continued to recover, owing to accelerated public spending and improvement in the service sector. Private consumption also gradually recovered, supported by improved consumer confidence and a persistent decline in energy prices, and benefiting from additional stimulus measures.

 

Manufacturing production and private investment slightly improved. Investments in certain sectors expanded, especially telecommunication and alternative energy. The unemployment rate remained at a low level. The current account continued to register a surplus owing to the contracted merchandise imports.

 

The level of international reserves remained high. The tourism sector has improved. Statistics compiled by the Tourism Authority of Thailand show that, in 2015, the Thai tourism industry hit the highest number in its history, attracting 29.8 million international tourist arrivals. The number represents an increase of 20 percent over 2014. In terms of tourism revenue, Thailand earned 1.4 trillion baht, accounting for a 23-percent year-on-year increase.