The evidence? The economy grew at an average annual rate of 7.5% in the boom years of 1960–1996 and 5% during 1999– 2005 following the Asian Financial Crisis. “This growth created millions of jobs that helped pull millions of people out of poverty. Gains along multiple dimensions of welfare have been impressive: more children are getting more years of education, and virtually everyone is now covered by health insurance while other forms of social security have expanded.” The World Bank described the challenges ahead painstakingly, but the bottom line was clear: Today’s Thailand has yesterday’s success to build on.
Thailand’s general election in May draws political attention to its record as a Southeast Asian success story. It is not up to outsiders to take sides in a foreign election, but the country’s well-wishers would hope that whoever wins would help the Thai nation to continue on the path that has brought it prosperity and stability.
That trajectory has been recognised by the World Bank. “Over the last four decades, Thailand has made remarkable progress in social and economic development, moving from a low-income to an upper middle-income country in less than a generation,” it says. “As such, Thailand has been a widely cited development success story, with sustained strong growth and impressive poverty reduction.”
