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Thailand - Research Paper Example

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Poverty level in the country has declined by a big margin. Nevertheless, economic inequality has dramatically increased (Mason 278). The economic progress in the country is evident in the continuous improvement of the non-economic indicators that translate to the well-being, like, life expectancy, infant and maternal mortality rate, and literacy levels. However, the country has not recorded good progress in the education system. It requires reforms in several areas like in the political and corporate governance in order to have a smooth run in economic progress. Introduction Thailand has been among a group of East and Southeast Asia that have formed the center of research because of their outstanding economic performance. She forms part of discussions and is a determinant of economic growth. Just like the other economic pacesetters of Asia, Thailand has employed the common development strategies and their immediate outcomes have not been much different (Brewer and McEwan 123). The country has prospered under the globalizing strategy. It lies in the middle-income developing countries in several aspects like; the country was never colonized. This is a unique experience in the states of South East Asia. The country has also been courageous to embark in trade and investment integration with the rest of the world. These interactions in conjunction with macroeconomic policies have steered Thailand towards economic stability. Long-term developments In 1945 at the end of the Second World War Thailand was among the poorest countries in Asia. Its economy remained stagnant for about a century since it had greatly suffered from the war damage. Many economic analysts rated the country as poor. However, in the mid of 1990s, roughly a half a century later, the country replaced all these negative assessments by dramatic economic progresses, following the foot steps of Korea, Taiwan, and Hong Kong. Thailand within a short span achieved a rapid economic growth, macroeconomic stability, and a steadily declining poverty rate. These made the country acquire consideration as a champion of sustained development (Chaloemtiarana 79). Thailand’s long-term economic developments have had a unique character of high levels of investment and deep trade with world countries. Thailand has maintained an economic stability for a long time, since it has never recorded a negative growth for the last four decades. Thailand’s economic growth is worth emulation starting with its central bank, which got awards for having the most competent and stable management. The crisis that occurred in 1997 to 1998 reversed the country’s fine economic progress and poverty incidences began rising. The exchange rate collapsed and the financial system was largely bankrupt. The economic damage due to this crisis was substantial. It eroded some of the gains that Thailand had made (Mason 312). Since the start of the crisis, Thailand’s economic recovery was moderate and her real GDP was slightly below the log-term trend rate. However, the main question as at now is; where did this rapid economic growth source from. The growth framework has focus on the determinants of aggregate supply as relevant on the specific periods. The Thailand’s impressive growth lies on the primary growth of capital stock. The domestic and foreign investment grew rapidly, but the growth rate for the foreign investment was more rapid. This foreign investment has played an important role in introducing new technology and development of export market. The quantitative importance of foreign investment in Thailand’s capital stock accumulation is prone to exaggeration. The main factors that have contributed to the Thailand’ ...Show more
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Summary

Thailand’s economic development has strongly been market-oriented and has an open trade for investment with the rest of the world. Thailand has been having an outstanding performance in the economic development since late 1950s…
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