Surprisingly, economic growth in 1985 and 1986 decelerated to 3.5 per cent and 4.5
per cent, respectively, but the Thai economy recovered more rapidly with the growth rate
reaching 9.5 per cent in 1987, 13.2 per cent in 1988 and 11.6 per cent in 1990 compared with
the Philippines which is a geographic neighbor (see Yoshihara, 1995). This striking contrast
in economic growth suggests that Thailand was more successful in maintaining macroeconomic stability with moderate growth during the downturn period; 1973-1986