Economic Development of Post-war Thailand

At the end of the Second World War, Thailand was one of the world’s poorest and economically most backward nations. Its agrarian-based economy had remained stagnant for at least a century and the war itself had caused widespread damage. External observers of the time generally assessed the country’s economic potential negatively.2 In the seven decades following, Thailand has developed to an upper-middle-income, semi-industrialised and technologically advanced economy. But multiple economic and associated social problems remain. This chapter describes the major economic changes that have occurred, analyses the forces driving them, and attempts to identify the principal policy priorities for continued progress.