In 1961, when Thailand started the

In 1961, when Thailand started the first five-year “National Economic and Social Development Board (NESDB)”, the Thai economy was mainly reliant on the agriculture sector. According to the statistics of the NESDB, the share of agriculture decreased from 40 per cent of gross domestic product (GDP) in 1960 to 10 per cent in 2002, and manufacturing increased from 13 per cent to 37 per cent of GDP. Economic growth has been impressive over more than three decades. From 1987 to 1995, growth averaged about 10 per cent a year. In 1996-1997, an economic crisis drastically hit Thailand's economy. An economic crisis erupted, and Thailand had to seek assistance from the International Monetary Fund (IMF) in the form of US$17.2 billion loans with a number of economic structural reform terms and conditions.