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CONTENTS |
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The country has learned a lot since the floating of the baht five years ago ushered in a new economic order. Applying the lessons remains the biggest challenge |
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| Certain dates have a way
of engraving themselves in the national memory. Everyone in Thailand
associates two dates in October with watershed events in the struggle
for democracy, for example. In more recent times, July 2, 1997 has
earned its place in history as the day that the country's economy
began to change dramatically.
When the baht was floated five years ago, few people foresaw how high a price the country and its people were about to pay for years of reckless expansion and well-intentioned but failed government policies. Thailand, it turned out, was far from ready to join the global financial world as the government had hoped. The expensive lessons that resulted have been well documented, though not all of the lessons learned have been applied. This edition of the Mid-year Economic Review takes a step beyond the normal six-month timeframe of earlier publications, as we examine what has been learned over the past five years, and where the country and key economic sectors are headed next. And because the fundamental shift in the economy was also accompanied by major changes on the political and social front, we are presenting additional features on how society has responded to the new conditions. In the modern world, after all, it is no longer possible to look at the economy or business in isolation. |
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©
The Post Publishing Public Co., Ltd. 2002
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