Changes of Thai economy since 1970 1

Kiwon Kang

Global Economic Review, 2003, vol. 32, issue 2, 59-90

Abstract: Within the last 30 years, the number of Thai population increased from 35 million to 62 million, the general price level went up 6 times, and Thai currency baht devaluated 2.2 times against the dollar. The industrial production increased 36 times nominally. The biggest industry of Thailand changed from agriculture to manufacture, and the total value of exports jumped by 192 times and that of imports grew by 95 times. Thai current account balance had recorded a deficit every year from 1970 to 1996. During the same period of time, however, the capital account balance had shown surplus. The inflow of foreign capital was the only stronghold of Thai economy at that time. In 1997, Thailand suddenly experienced a total change of its external environment From then on, Thai current account shifted from a deficit to a surplus and Thai capital account turned from a surplus to a deficit. The conclusion of this paper indicates that the future of Thai economy is heavily dependent on whether the amount of surplus in Thai current account could surpass the deficit in Thai capital account

Keywords: Thai economy; Thai per-capita GDP; Thai labor force; Thai foreign currency crisis; Thai industrial sectors; Thai balance of payment; Thai external debt (search for similar items in EconPapers)
Date: 2003
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DOI: 10.1080/12265080308422918

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