In a matter of decades, Thailand went from being a poor, backward country to the worldΓÇÖs fastest growing economy. Although it faltered in the second half of the 1990s, the lessons it learned have been invaluable and should provide the impetus for Thailand to emerge ever more politically stronger and economically more dynamic.
As many have observed, the economic crisis has been a blessing in disguise. It has prompted a process of soul-searching that was noticeably absent during the high-growth years. It has created a groundswell of support for reform in the countryΓÇÖs political and economic institutions. Ideas such as good governance, transparency and accountability are being taken seriously and put into practice. With basic freedoms provided protection under the constitution, Thai civil society is becoming more active over a wider range of public interest issues, calling attention to and helping solve many problems that might otherwise be overlooked. Importantly, it has stimulated a lively debate in Thai society on what should be the most appropriate path of development for Thailand whereby less emphasis would be placed on growth rate per se with greater importance attached to the better distribution of income and protection of the environment.
With the democratic constitution of 1997, the lessons of the economic crisis coupled with the fundamental economic strengths that Thailand still possesses, Thailand is poised to meet the challenge of a new millennium with confidence and options tempered with a sense of realism borne of its hard-earned past success.
The greatest challenge to Thailand was once its very survival as a country. Today it faces instead the challenge of adjusting itself to a global economy where finance, business, information, and technology know no boundaries. More than ever, the quality of governance and of the countryΓÇÖs human resources will make the difference between surviving passively and being able to actively seize the opportunities the global economy presents. The institutions and processes that have evolved in the wake of the crisis suggest that Thailand is on the right path.
Thailand is as determined as ever to remain open to the world, to become as competitive as it can be, and to protect and promote basic rights and freedoms, for only by doing so can it be a strong, vibrant society far into the 21st century.
