Business Intelligence

Thailand~s Growth Rebalancing

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Executive Summary

This paper reviews Thailand's structural changes, the 1997 crisis experience, and recovery and lessons from the crisis. The paper then discusses the impacts of the subprime crisis on the Thai economy and the policy responses to date. The paper ends by discussing strategies to rebalance growth by reducing the dependence on exports as the main growth engine. The recovery from the 1997 crisis left Thailand more dependent than ever on exports as the main engine of growth, with the ratio of exports to Gross Domestic Product (GDP) increasing from a precrisis level of about 38% to about 65% recently.

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