contract 8.9% by the end of the year due to COVID-19 pandemic. The Thai government cut jet fuel tax since February 2020. Macroeconomic trends The following table shows the main economic indicators in 1980–2021 (with IMF staff estimates in 2022–2027). Inflation under 5% is in green. Over the past 32 years, the economy of Thailand has expanded. The GDP at current prices shows that from 1980 to 2012 the Thai economy has expanded nearly sixteen-fold when measured in baht, or nearly eleven-fold when measured in dollars. This makes Thailand the 32nd-biggest economy in the world, according to the IMF. With regard to GDP, Thailand has undergone five periods of economic growth. From 1980 to 1984, the economy has grown by an average of 5.4 percent per year. Regional businesses account for 70 percent of GDP, with Bangkok contributing 30 percent. After the 1984 baht devaluation and the 1985 Plaza Accord, a significant amount of foreign direct investment (mainly from Japan) raised the average growth rate per year to 8.8 percent from 1985 to 1996 before slumping to −5.9 percent per year from 1997 to 1998. From 1999 to 2006, Thailand averaged a growth rate of 5.0 percent per year. Since 2007, the country has faced a number of challenges: a military coup in late 2006, political turmoil from 2008 to 2011, the US financial crisis reaching its peak from 2008 to 2009, floods in 2010 and 2011, and the 2012 Eurozone crisis. As a result, from 2007 to 2012 the average GDP growth rate was 3.25 percent per year. Thailand suffers by comparison with neighboring countries in terms of GDP per capita. In 2011, China's nominal GDP per capita surpassed Thailand's, giving the latter the lowest nominal GDP per capita of its peers. According to the IMF, in 2012 Thailand ranked 92nd in the world in its nominal GDP per capita. Poverty and inequality The number of Thailand's poor declined from 7.1 million people in 2014, 10.5 percent of the population, to 4.9 million people in 2015, or 7.2 percent of the population. Thailand's 2014 poverty line was defined as an income of 2,647 baht per month. For 2015 it was 2,644 baht per month. According to the NESDC in a report entitled, Poverty and Inequality in Thailand, the country's growth in 2014 was 0.8 percent and 2.8 percent in 2015. NESDC Secretary-General Porametee Vimolsiri said that the growth was