Seeking new engines of growth
About 40 years ago, natural gas was discovered in the Gulf of Thailand, creating excitement across the country. This period marked the dawn of Thailand’s golden era. Following this discovery, the Eastern Seaboard Development Project was initiated to develop the eastern coastal region. Foreign investment poured in, enabling the economy to expand at a double-digit rate while raising hopes that Thailand would become Asia’s fifth tiger.
However, the dream was shattered by internal political instability and poor economic policy management, culminating in the 1997 financial crisis known as the Tom Yum Kung crisis.
Bangkok Post Reporter
