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The Global Financial Crisis and AsiaImplications and Challenges$
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Masahiro Kawai, Mario B. Lamberte, and Yung Chul Park

Print publication date: 2012

Print ISBN-13: 9780199660957

Published to Oxford Scholarship Online: January 2013

DOI: 10.1093/acprof:oso/9780199660957.001.0001

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Thailand’s Growth Rebalancing

Thailand’s Growth Rebalancing

(p.197) 10 Thailand’s Growth Rebalancing
The Global Financial Crisis and Asia

Somchai Jitsuchon

Chalongphob Sussangkarn

Oxford University Press

This chapter discusses the impacts of the global financial crisis on the Thai economy and the policy responses. Against the backdrop of a slowly growing global economy in the future, the chapter suggests that Thailand seriously re-think about rebalancing its economy so as to increase its resilience to external shocks. One option is to develop a strategy to increase domestic investment, which will have to be mainly public investment as the private sector has been considerably weakened by the crisis. Another option is to raise productivity by improving human capital rather than by relying on accumulating imported capital which has proven to be unsustainable in the long-term.

Keywords:   Thai economy, rebalancing growth, financial crisis, impact of Crisis, policy response, exports

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