About thailand financial crisis

Thailand is located in South-East Asia that is near to the border of Burma, Laos and Cambodia. Thailand has an area of about 513,000 km2 and the population of people is about 70 million people. The capital city of Thailand is Bangkok. Bangkok is one of the largest cities in Thailand. Thailand is governed by a constitutionals monarchy, which a Prime Minister serves as head of a parliamentary government. The World Bank has upgraded Thailand’s income categorization from a lower-middle income economy to an upper-middle income economy in 2011. Despite facing a number of political challenges, Thailand has made great progress in social and economic issues. As such, Thailand has been one of the great development success stories, with sustained strong growth and impressive poverty reduction. Altogether Thailand has lived with two financial crises in ten years, the Asian turmoil of 1997-98 and financial crisis of 2007-09, which represent indeed quite different experiences. The crisis was so damaging that it took many years to recover, for Thailand, around 5 years after the crisis to resume 5 percent of GDP growth in 2002. In the decade that ended in 1995, the Thai economy was one of the world's fastest growing at an average rate of 8-9% per year. After recovering from the "Asian Crisis" of 1997-1998, the Thai economy took off again. From 2002-2007, Thailand's growth averaged at around 5%. The crisis also provides an excellent opportunity to assess the impact and policy responses and to discuss the options for restoring economic growth and reducing the social impact. Thailand’s economic growth figure in the first half of the 2013 was lower than earlier expected due to a factors that affect it.