Thailand's Macroeconomic Miracle: Stable Adjustment and Sustained Growth

This study resulted from a World Bank study of macroeconomic policy reviewing the recent experience of 18 countries as they tried to maintain economic stability in the face of external economic shocks like rising international prices and interest rates. The project particularly focused on the periods 1974-79, 1980-82, and 1983-90. The authors describe the performance of Thailand's economy in recent decades as stunning--it has experienced rapid growth, declining poverty, and macroeconomic stabili…