An important movement in the late 1970’s saw Thailand’s industry being promoted, this was the driving force behind the modernisation of the economy with tremendous growth in manufacturing, technology and foreign investment. Although traditional resources are still important to the country’s continued growth, multinational companies have secured joint ventures with local partners to assemble and produce automobiles and vehicle parts, computers and major consumer products.
A Financial crisis hit South-East Asia in 1997 when stock and property prices plummeted, dragging down the currency and leading the country and its citizens into a dark depression of bankruptcies, recession and unemployment. There has been improvements however since in the Thai economy with 1999 seeing a return to GDP growth with boosted foreign reserves, and improving economy and external debt. The national currency; Thai Baht has stabilised and currently both interest rates and inflation are at historically low levels.