The First National Economic Development Plan
(1961-1966) can be taken as a milestone in the modern
economic development of Thailand.2 To be sure, many
studies consider the coup of October 1958 and the
establishment of the regime of Sarit Thanarat as marking
the beginning of Thailand’s modern economic
development. Yet, it is also argued that the foundations
(for modern economic growth) were laid during the
1950s by the Phibun Songkhram government. During
1957 and 1958 there were clear signs that the Phibun
Songkhram government was beginning to shift
economic policy in the directions recommended by the
1957 World Bank mission and toward those
subsequently followed under Sarit (Ingram 1971, 231,
quoted in Dixon 1999, 77). Since the release of the First
Plan, Thailand has now completed eight Plans3 and is
currently in its Ninth Plan period (2002-2006). The
national development plans, especially the earlier ones,
have played an important role in guiding investment and
public resource allocation in Thailand by putting forth
guidelines for economic and social development,
particularly during the first half of more than 40 years of
development planning.