employment (own-account work and unpaid family work). Kingdom of Thailand budget The Kingdom of Thailand's FY2017 budget was 2,733,000 million baht. In May 2018, the Thai Cabinet approved a FY2019 budget of three trillion baht, up 3.4 percent—100 billion baht—from FY2018. Annual revenue is projected to reach 2.55 trillion baht, up 4.1 percent, or 100 billion baht. Overall, the national budget will face a deficit of 450 billion baht. The cabinet also approved a budget deficit until 2022 in order to drive the economy to a growth of 3.5–4.5 percent a year. History Before 1945 Thailand, formerly known as Siam, opened to foreign contact in the pre-industrial era. Despite the scarcity of resources in Siam, coastal ports and cities and those at the river mouth were early economic centers which welcomed merchants from Persia, the Arab countries, India, and China. The rise of Ayutthaya during the 14th century was connected to renewed Chinese commercial activity, and the kingdom became one of the most prosperous trade centers in Asia. When the capital of the kingdom moved to Bangkok during the 19th century, foreign trade (particularly with China) became the focus of the government. Chinese merchants came to trade; some settled in the country and received official positions. A number of Chinese merchants and migrants became high dignitaries in the court. From the mid-19th century onward, European merchants were increasingly active. The Bowring Treaty, signed in 1855, guaranteed the privileges of British traders. The Harris Treaty of 1856, which updated the Roberts Treaty of 1833, extended the same guarantees to American traders. The domestic market developed slowly, with serfdom a possible cause of domestic stagnation. Most of the male population in Siam was in the service of court officials, while their wives and daughters may have traded on a small scale in local markets. Those who were heavily indebted might sell themselves as slaves. King Rama V abolished serfdom and slavery in 1901 and 1905, respectively. From the early 20th century to the end of World War II, Siam's economy gradually became globalized. Major entrepreneurs were ethnic Chinese who became Siamese nationals. Exports of agricultural products (especially rice) were very important and Thailand has been among the top rice exporters in the world. The Siamese economy suffered greatly from the Great Depression, a cause of the Siamese revolution of 1932. Significant investment in education in the 1930s (and again in the 1950s)