Thailand

Economy

Main article: Economy of Thailand

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After enjoying the world's highest growth rate from 1985 to 1995 - averaging almost 9% annually - increased speculative pressure on Thailand's currency, the baht, in 1997 led to a crisis that uncovered financial sector weaknesses and forced the government to float the currency. Long pegged at 25 to the US dollar, the baht reached its lowest point of 56 to the US dollar in January 1998 and the economy contracted by 10.2% that same year. The crisis spread to the Asian financial crisis.

Related Topics:
1985 - 1995 - Baht - 1997 - US dollar - 1998 - Asian financial crisis

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Thailand entered a recovery stage in 1999, expanding 4.2% and grew 4.4% in 2000, largely due to strong exports - which increased about 20% in 2000. Growth was damped by softening of global economy in 2001, but picking up in the subsequent years due to strong growth in China and various domestic stimulation programs promoted by Prime Minister Thaksin Shinawatra, popularly known as Thaksinomics. Growth in 2003 is estimated to be around 6.3%, and projected at 8% and 10% in 2004 and 2005.

Related Topics:
1999 - 2000 - 2001 - China - Prime Minister - Thaksin Shinawatra - Thaksinomics - 2003 - 2004 - 2005

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Tourism contributes significantly to the Thai economy, and the industry has benefited from the Thai baht's depreciation and Thailand's stability. Tourist arrivals in 2002 (10.9 million) reflected a 7.3% increase from the previous year (10.1 million).

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