CATH- BLUE

QUENDY- RED
ANG GREEN IS WALA NA SIYAY LABOT

Sawadekaaa

Good morning everyone Today we will be reporting Thailand’s Contemporary Foreign and Economic
Policies but first let us define

Define Contemporary Foreign and Economic Policies

- refers to the action that government takes in both contemporary foreign and Economic field.

It covers the system for setting interest rates and government budget as well as the labor market,
national ownership and many other areas of government intervention in the economy

- policy makers undertake it's three main types of these policies:

1. Fiscal
2. Monetary
3. Supply side

And now we will explore Thailand

What is Thailand?
- Thailand is a unitary parliamentary constitutional monarchy, monarch by Vajiralongkorn since 2016.

- Thailand,[b] officially the Kingdom of Thailand or Ratcha-anachak thai and also known
historically as Siam

So Thailand is one of the country in Southeast Asia not only miles away from the Philippines.

Thailand is the only Southeast Asian nation never to be formally colonized and Thailand has not shared
the xenophobic traditions of it's neighbors. Thailand has never been colonialized by the Europeans
or any other country.

Thailand has never been colonialized by the Europeans or any other country. Therefore, the
country did not have any beginning or ending to the colonial era. However, the then-named Siam
kingdom received Western influence, which contributed to some changes of the country's modern
identity.

So now let's have some background check of the economy of Thailand since our topic is contemporary
foreign and economic policies.

*economy
- Thailand is one of the world's fastest growing economies from the 1960's, to the late 90's

- In fact (1990) Thailand was considered to be part of a second waves of Newly Industrializing
Countries (NICs).

- Thailand is also a member of the Asia Pacific economic cooperation or the APEC and the association
of Southeast Asian Nation or ASEAN

SO since Thailand is a unitary parliamentary constitutional monarchy,

- Thailand has a mixed economic system in which there is a variety of private freedom combined with
centralized economic planning and government regulation.
What are the causes of economic growth in Thailand?
Thailand is Having an export oriented economy and it is the cause of
the economic growth of Thailand since 2/3 of it's GDP comes from
export earning which made it the 8th biggest economy in Asia.
AND NOW I WILL present Thailand's approach to foreign policy according to our research on the work
of scholar Clark Neher. Thailand has a long and rich history that has profoundly shaped its engagement
with the world. Let's dive into the key themes:

1. Historical Factors: Thailand's foreign policy is influenced by historical factors, including its role within the
international political-economic system and its lack of colonization. Being the only Southeast Asian nation never
formally colonized, Thailand has a distinct perspective compared to its neighbors. The absence of colonial
experience allowed Thailand to adapt aspects of Westernization while preserving its traditional culture, facilitating
a relatively smooth transition from a traditional to a modern society.

2. Pragmatic Orientation: Thailand's foreign policy is characterized by a pragmatic approach to relations with other
nations. Thai leaders have demonstrated a willingness to be flexible and adapt to changing circumstances, even at
the expense of territorial loss and compromises on principles. For example, Thailand made accommodations with
European colonial powers by ceding territory and aligned with Japan during World War II, which helped the
nation emerge from the war with minimal disruption.

3. Lack of Social Revolution: Unlike some other countries, Thailand has not experienced a social revolution that
fundamentally transformed its political and economic structures. The so-called "1932 revolution" was, in reality, a
coup d'état orchestrated by Western-educated bureaucrats and military officers. While power shifted from royal
princes to new elites, the majority of the population remained largely unaffected by this change in leadership.
Political institutions and social processes have since evolved gradually.

4. Vulnerability to Outside Forces: Despite its formal independence, Thailand has historically been vulnerable to
external influences, including neighboring countries and European colonialism. Thai foreign policy has been
shaped by economic penetration from industrialized Western nations and, more recently, Japan. However,
Thailand has managed to maintain a level of independence and has not become overly dependent on major
capitalist powers.

5. Contemporary Foreign Policy: Presently, Thailand's foreign policy focuses on maintaining good relations with
both Western and Eastern powers. The country actively participates in various international organizations such as
ASEAN, the UN, WTO, and APEC. Bilaterally, Thailand has strong ties with countries like the United States,
China, Japan, and its regional neighbors. Recent priorities include enhancing regional cooperation, particularly
within ASEAN, and expanding economic ties through initiatives like the Regional Comprehensive Economic
Partnership (RCEP).

ECONOMIC POLICY

(AND NOW LET US PROCEED TO THAILAND’S ECONOMIC POLICY ACCORDING TO

Shigeki Higashi

Thailand's economic policy evolution reflects a transition from import-substituting industrialization to

export promotion strategies. Initially pursuing import substitution in the 1960s, Thailand encountered
challenges stemming from a constrained domestic market and trade deficits. Subsequently, in the
1970s, the government shifted towards export promotion policies while maintaining elements of import
substitution, particularly focusing on heavy industries. This shift in economic policy aimed to address
trade imbalances and capitalize on export opportunities, marking a pivotal juncture in Thailand's
economic development trajectory.

1. The government's export promotion policies aimed to boost specific industries but were not
always effective in driving economic success
2.Thailand's economic development was characterized by macro-economic stability, with a focus
on conservative fiscal and monetary policies and infrastructural investments
3.Local manufacturers in Thailand responded to liberalization by modernizing and investing in
new technologies to enhance competitiveness

4. The private sector in Thailand took advantage of conservative government policies to expand
investments in line with domestic market demands

5. Thailand's economic growth was supported by conservative fiscal and monetary policies,
infrastructural investments, and the private sector's response to market demands

6. The government's sectoral policies aimed at promoting specific industries like automobiles,
petrochemicals, and steel were not always effective in driving development

OVERALL, Thailand's economic policy evolution from import substitution to export promotion
signifies a strategic shift to address trade imbalances and leverage export opportunities. While the
government's export promotion policies aimed to boost specific industries, their effectiveness
varied. The country's economic development was underpinned by macroeconomic stability,
conservative fiscal and monetary policies, and infrastructure investments. Local manufacturers
responded to liberalization by modernizing and investing in technology to enhance
competitiveness, supported by the private sector's alignment with domestic market demands.
Overall, Thailand's economic growth was sustained by a combination of prudent government
policies, private sector initiatives, and adaptive responses to changing market dynamics,
underscoring the complex interplay between policy interventions and market forces in driving
economic progress.

That’s all for our report Sawadee everyone

Sawadee