A Japanese Perspective of Thailand’s Industrialization

Abstract

Thailand’s high economic growth since the second half of the 1980s has attracted much attention in Japan. In part, this interest reflects the strong historical, economic and cultural relations between the two countries. To Japan, the image of Thailand since the 1950s has been that of a Buddhist country with a widely respected royal family and a powerful military regime. Since the 1960s Thailand has remained politically stable in spite of frequent shifts in political power. Although the Thai economy has not grown as fast as that of Korea or Taiwan, most Japanese economists and businessmen agree that, because of low inflation and few balance-of-payments and accumulated-debt problems, the Thais have managed their economy quite well.