Thailand’s recent history has been marked by funher military coups, successful and otherwise, but it has also enjoyed steady economic and social progress, particularly during the eight-year premiership of General Prem Tinsulanonda (1979-88). The local communist insurgency, at its strongest in the 1970’s, is largely ended, relations with neighboring countries have been improved, and democratic institutions have gained increasing support among the general population. At the same time, Thailand has achieved the status of a “Newly Industrialized Country”, with manufactured exports now exceeding agricultural produce in terms of national revenue.
Modern Thailand
There was an apparent setback national development in May 1992, when bloody riots forced the resignation of the non-elected Prime Minister General Suchinda Kraprayoon and damaged the country’s international image of stability, On the other hand, many knowledgeable observers saw this as an encouraging sign that predominantly middle-class rioters succeeded in their aim of resisting traditional military dominance in political affairs. Over the past decade, there have been a series of democratically elected goverments without military interference. These peaceful elections have been held in spite of an unprecedented economic upheaval which began with a devaluation of the Thai baht in 1997 and eventually spread through most of Asia. In Thailand, the effects have included tbe closure of many finance companies, banks, and manufacturing plants, resulting in a host of social problems and. particularly in Bangkok, scores of unfinished building projects that were started during the boom period. A bail-out effort by the International Monetary Fund, together with positive steps by the government. put the coumry on the road to recovery by the beginning of 2000; but many feel it will be some time before the Thai economy regains its true momentum.
Modern Thailand