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Thailand's challenges, lessons from '97 crisis
News, Thitinan Pongsudhirak, Published on 30/06/2017
ยป It is hard to believe today but Thailand appeared on the verge of economic doom 20 years ago. The culmination of financial sector convulsions, compounded by a currency crisis and reinforced by corruption and cronyism, induced a forced devaluation of the baht on July 2, 1997. Back then, the Thai economy was in dire straits but politics looked promising. It is the opposite today, as macroeconomic conditions have become sound but the political system has reverted to a military dictatorship with doubtful prospects for popular rule.
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