Looking back, one cannot exaggerate the importance of stabilization policies
after the Second World War when Thailand inherited severe monetary, fiscal and
external problems of high inflation, accumulated public debt and fiscal deficits, low
exports and unstable exchange rates. Fiscal and monetary discipline was extremely
important in establishing international and internal confidence. As has already been
mentioned, this success was achieved through the close cooperation and solidarity of
four main institutions namely the Ministry of Finance, the Budget Bureau, the Bank
of Thailand and the National Economic and Social Development Board. Only because
this was attained, Thailand was able to achieve sustained growth for a long period of
time.