Thailand

Piriya Pholphirul and Pakorn Vichyanond

Chapter 7 in Macroeconomic Volatility, Institutions and Financial Architectures, 2008, pp 157-189 from Palgrave Macmillan

Abstract: Abstract Over the course of several decades, the Thai economy grew at a very satisfactory rate. Between 1960 and 1995, the average real GDP growth rate was about 7.7 per cent per annum. This led to substantial improvements in the welfare of the Thai population. Especially in the early 1990s, the country’s economic performance was regarded as an example of the so-called ‘East Asian Economic Miracle’ (World Bank, 1993). Yet, just a few years after this categorization, the country experienced a severe financial and economic crisis. Key elements of the 1997 crisis reflected Thailand’s cumulative balance of payments problems, particularly persistently large current account deficits. Since public debts surged significantly, the country became effectively insolvent in that there were not enough usable foreign reserves left to meet foreign obligations. Assistance from the International Monetary Fund (IMF) was therefore needed, and a painful adjustment process to recover from the crisis had to be carried out.

Keywords: Exchange Rate; Foreign Direct Investment; Commercial Bank; International Financial Statistics; Investment Growth (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-59018-2_7

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DOI: 10.1057/9780230590182_7

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