This paper aims to provide an integrated view of recent economic developments in Thailand from a f inancial sector perspective. While the f inancial sector is ultimately just a veil, reflecting developments in the real economy, the fact that almost every single economic activity passes through it makes it the crucial jigsaw piece of the overall economic picture. By analyzing how key macroeconomic developments can be traced back to changes in the financial sector, a clearer and more integrated picture of the economy, as well as its problems, can be obtained. In so doing, the paper helps to shed light on the efficiency with which the task of channeling funds from savers to investors is done in Thailand and identifies key obstacles to improving the process that remain, both from a short- and long-run perspective.