ABSTRACT
Between 1986 and 1991 Thailand became one of the fastest growing economies in the world. The Kingdom’s economic performance during these years has been described as ‘virtually unparalleled’ (Narongchai Akrasanee et al., 1991:xii) with the value of manufactured exports growing at 26.6 per cent a year, total exports at 18.1 per cent and GDP at 9.6 per cent. This growth was accompanied by a surge in foreign direct investment, particularly from Japan and the Asian NIEs. Overall, from 1986 Thailand experienced a period of accelerated integration into the global economy. After 1991 growth slowed, but GDP still grew at an average of 6.8 per cent between 1992 and 1996. Perhaps more significantly, since 1993 foreign investment has declined and overseas debt increased, while during 1996 the rate of growth of export earnings contracted sharply. These issues have come to the fore with the 1997 financial crisis and a dramatic slowing of growth (see pp. 239-40).
