This urban-biased growth reached its zenith in the spectacular decadelong
boom from the mid-80s to the mid-90s. In the first half of the
decade, the economy grew at dizzying double-digit rates, and by the end
of the boom it had multiplied in size two-and-a-half times, with the urban
middle class more than tripling in number; business employees came to
outnumber government officials in its ranks. With the yen strengthening
in the wake of the 1985 Plaza Accord, Japan became the biggest source
of fdi; manufacturing, real estate, trade and services were the principal
recipients. By the end of the century the population had reached 61
million and, with intensive urbanization, that of Greater Bangkok had
quadrupled. But class and regional disparities had sharply intensified.
By 1996, on the eve of the crash, the top quintile had increased its share
of the national income to 57 per cent, from 49 per cent in 1976; the lowest
quintile saw its share diminish from 6 per cent to 4 per cent in the
same period. After four decades of high-speed capitalist development
Thailand had achieved one of the most unequal income distributions in
the world, worse than those of its East and Southeast Asian neighbours,
and comparable to the worst cases in Latin America.