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Thailand

In: Macroeconomic Volatility, Institutions and Financial Architectures

Author

Listed:
  • Piriya Pholphirul
  • Pakorn Vichyanond

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.

Suggested Citation

  • Piriya Pholphirul & Pakorn Vichyanond, 2008. "Thailand," Palgrave Macmillan Books, in: José María Fanelli (ed.), Macroeconomic Volatility, Institutions and Financial Architectures, chapter 7, pages 157-189, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59018-2_7
    DOI: 10.1057/9780230590182_7
    as

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