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Study and Analysis of Thailand's Developing Economy

The economy of Thailand, until recently, has been the model of progress and growth in southeast Asia. At present, the Thai economy is slowly recovering from the recent regional downturn. However, much of Thailand's economic trouble could have been avoided. The problems encountered will be outlined in order to provide a model of what not to do in a similar situation.

Thailand's recent history has been one continuos trend of GDP growth. In the 1950's, the Thai economy managed to grow at an average rate of approximately 5% per year. By the mid 1960's, the average annual rate of output growth had increased to 8.4%. Due to the sharply increasing petroleum prices in the 1970's, Thailand's growth slowed temporarily, in part due to heavy dependency on oil as a fuel source. By the late 70's, aggregate output in Thailand had increased to the point that average growth per year was near 7% (Muscat, 2-3). It must be noted, nonetheless,......

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Approximate Word Count: 2255
Approximate Pages: 10 (250 words per double-spaced page)

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