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Essay / Research Paper Abstract
20 pages in length. Thailand, like so many other underdeveloped nations, has long struggled to maintain its own precept of economic success, an objective that has long been met with a combination of internal and external challenges. Since the Asian economic crisis of 1997, however, Thailand has put forth a tremendous effort to reinvent itself and the way in which it looks toward future economic security. Bibliography lists 18 sources.
Page Count:
20 pages (~225 words per page)
File: LM1_TLCThaiEcon.rtf
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Since the Asian economic crisis of 1997, however, Thailand has put forth a tremendous effort to reinvent itself and the way in which it looks toward future economic security.
II. ASIAN ECONOMIC CRISIS Thailand found itself in a bit of a financial bind and with the devastating impact brought about by
the Asian economic crisis that started in July of 1997. Blamed on poor financial investments, soaring debts and a currency that "suffered speculative pressure" (McCarthy, 1997), the monetarily ailing
country was forced to pull itself up by its bootstraps in order to regain stability and literally start anew. "Thailand sparked off a currency and banking crisis resulting from
over-investment and carelessly unhedged foreign over-borrowing of the corporate sector, which spread to other countries in Southeast Asia. The massive exchange rate collapse had a direct impact on corporate
insolvency. Financial and negative 10.5 per cent output collapse in 1998 jointly interacted to produce financial distress for most large and small businesses. The cumulative net loss of
the firms listed on the Stock Exchange of Thailand (SET) amounted to 1,438 billion baht or one-third of the countrys gross domestic product (GDP)" (Vongvipanond et al, 2004, p. 54).
It was not all that long ago when Thailand held the strongest economic position in all of Southeast Asia. Their financial
situation was strong and, for the most part, they had a stable monetary system. But all of that drastically changed in July, 1997, when the plummet of the Thai
baht sent their entire economic status into a tailspin, ultimately threatening the worlds economy, as well. A combination of bad financial ventures and
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