Emerging Trends
Development theory promoted by the World Bank and IMF encouraged Thailand to develop an export-based economy. What happens now that world demand is contracting?
Cheap labor used to be a selling point for joint ventures. China and Indonesia, Cambodia and Burma offer cheaper labor. Capital flows out.
The tourist industry, another “development” strategy dependent on an expanding world economy provides only @6.5% of the GDP and recent scandals have a negative impact on Western tourism especially.