In 2016, writing in the Thammasat Economic Journal, Emory University professor Richard Doner described in just a few sentences the problems that plague Thailand’s economy.
Thailand had been “quick on its feet,” Doner wrote, successfully reducing poverty and achieving middle-income status. But too reliant on cheap labor and exports, Thailand’s growth soon stagnated. Quoting Somkiat Tangkitvanich and Nonarit Bisonyabut, Thailand had “industrialized without developing its own technology.” In other words, Thailand became addicted to quick and easy growth without laying the foundations for sustainable development.
That was written in the early years of the Prayut administation. Seven years later, Thailand’s economy remains stuck in a rut, with growth remaining sluggish and the path towards a long-term upward trajectory still unclear.
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