ABSTRACT
The Asian financial crisis dealt a crippling blow to Thailand’s rapid economic development as a newly industrialising country (NIC) in Southeast Asia. Decades of sustained economic growth were reversed almost overnight. The government was forced to request assistance from international institutions such as the International Monetary Fund (IMF) and to be bound by their requirements for governance reforms in both the public and private sectors. These events occurred just as Thailand was in the midst of finalising a new constitution, which incorporates fundamental and extensive changes to the political system. In the short term, the financial crisis appears to have facilitated the constitutional adoption process, public sector reform initiatives, and much-needed reforms in Thailand’s financial management systems, though whether or not these developments can be moved forward in the longer term is not at all certain.
