Thailand - Social and Structural Review : Beyond the Crisis - Structural Reform for Stable Growth
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Washington, DC
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Following the East Asian financial
crisis, the Bank's involvement in Thailand intensified,
enabling a multifaceted stabilization, and structural reform
dialogue, which deepened the economic, financial, and sector
knowledge of the country. The study benefits from this
analytical work, and provides an overview on the ongoing
policy dialogue, regarding short- and medium-term reform,
through a number of instruments. To promote longer-term
growth, the country embarked on a twin strategy of
macroeconomic stabilization, and structural reform. Although
its flexible labor market, and support mechanisms diminished
the crisis' impact on unemployment, and poverty,
compared to other countries in the region, this ability to
moderate the impact of the economic crisis, could adversely
impact a prolonged crisis. The study examines steps to
strengthen public sector social programs, and institutional
capacity, envisaging coherent poverty support programs in a
timely manner, while speeding fiscal stimulus effects, and,
monitoring poverty through reliable information, to ensure
cost-effectiveness. The financial sector reform is reviewed,
focusing on restructuring financial institutions, while
upgrading prudential regulations. Practices to improve
private sector development are reviewed, i.e., promote
corporate restructuring, and competition, and, improve
factors of production, while promising a stable growth.
Palabras clave
FINANCIAL CRISES, SOCIAL REFORM, STRUCTURAL ADJUSTMENT, POLICY REFORM, ECONOMIC CRISIS, POVERTY REDUCTION, SOCIAL PROGRAMS, MACROECONOMIC STABILIZATION, STRUCTURAL REFORMS, LABOR MARKETS, UNEMPLOYMENT, POVERTY MITIGATION, SOCIAL ASSESSMENTS, CAPACITY BUILDING, FISCAL ADJUSTMENTS, FINANCIAL INSTITUTIONS, PRUDENTIAL REGULATIONS, PRIVATE SECTOR DEVELOPMENT, CORPORATE RESTRUCTURING, COMPETITIVENESS, PRODUCTIVITY GROWTH ACCESS TO INFORMATION, ACCOUNTABILITY, AGGREGATE DEMAND, AGRICULTURE, ASSET MANAGEMENT, ASSET MANAGEMENT COMPANIES, AUDITING, AUDITORS, AUTHORITY, AUTONOMY, BALANCE OF PAYMENTS, BALANCE SHEETS, BANK BRANCHES, BANK OF THAILAND, BANK RECAPITALIZATION, BANK RESTRUCTURING, BANK SUPERVISION, BANKING SECTOR, BANKING SUPERVISION, BANKING SYSTEM, BANKRUPTCY, BENCHMARKS, BONDS, BUDGETARY ALLOCATIONS, BUSINESS ENVIRONMENT, CAPITAL MARKETS, CAPITAL REQUIREMENTS, CENTRAL BANK, CENTRAL BANK LAW, CITIZENS, CIVIL SERVICE, CIVIL SOCIETY, CLASSIFIED LOANS, COLLUSION, COMMERCIAL BANKS, COMMERCIAL PROPERTY, COMMUNITY PARTICIPATION, COMPARATIVE ADVANTAGE, COMPETITION POLICY, COMPETITIVENESS, CONNECTED LENDING, CONSTITUTION, CORPORATE GOVERNANCE, CORPORATE SECTOR, CREDIT RISK, CREDIT RISK MANAGEMENT, CRISES, DEBT, DEBT RESTRUCTURING, DECENTRALIZATION, DEPOSIT INSURANCE, DEVALUATION, ECONOMIC BEHAVIOR, ECONOMIC GROWTH, ECONOMIC STABILITY, EMERGING MARKETS, EMISSIONS, EMPLOYMENT, ENTERPRISE REFORM, ENVIRONMENTAL DEGRADATION, ENVIRONMENTAL PROTECTION, EXCHANGE RATE, EXPENDITURE, EXPENDITURES, EXPORTS, FINANCIAL ACCOUNTING, FINANCIAL ASSETS, FINANCIAL CRISIS, FINANCIAL DISCIPLINE, FINANCIAL HEALTH, FINANCIAL INSTITUTIONS, FINANCIAL INTERMEDIATION, FINANCIAL RESTRUCTURING, FINANCIAL RISK, FINANCIAL SECTOR, FINANCIAL SYSTEM, FISCAL, FISCAL POLICIES, FISCAL POLICY, FISCAL SUSTAINABILITY, FISCAL YEAR, FOREIGN CAPITAL FLOWS, FOREIGN OWNERSHIP, FREE TRADE, GDP PER CAPITA, GOOD GOVERNANCE, GOVERNANCE REFORM, GOVERNANCE REFORMS, GOVERNMENT INTERVENTION, GOVERNMENT POLICY, GOVERNMENT PROGRAMS, GROWTH PERFORMANCE, GROWTH RATE, HUMAN CAPITAL, HUMAN RESOURCES, HUMAN RESOURCES DEVELOPMENT, IMPORTS, INCOME, INCOME DISTRIBUTION, INCOME GROUPS, INCOME INEQUALITY, INSOLVENCY, INSTITUTIONAL CAPACITY, INSTITUTIONAL FRAMEWORK, INSTITUTIONAL MECHANISMS, INTERNATIONAL BANKING, LABOR COSTS, LABOR FORCE, LABOR MARKET, LAND USE, LAWS, LEGAL FRAMEWORK, LEGAL PROTECTION, LEGAL SYSTEM, LEVELS OF GOVERNMENT, LOCAL ADMINISTRATION, LOCAL GOVERNMENTS, MACROECONOMIC STABILIZATION, MARKET CONFIDENCE, MERGERS, MIGRATION, MINISTERS, MINISTRY OF FINANCE, MONETARY AUTHORITIES, NATIONS, NATURAL RESOURCES, NONPERFORMING LOANS, PARLIAMENT, POLLUTION, POLLUTION CONTROL, POVERTY ALLEVIATION, PRICE FIXING, PRIVATE SECTOR DEVELOPMENT, PRODUCERS, PRODUCTIVITY, PRODUCTIVITY GROWTH, PRUDENTIAL REGULATIONS, PUBLIC DEBT, PUBLIC DEBT MANAGEMENT, PUBLIC INSTITUTIONS, PUBLIC POLICY, PUBLIC SECTOR, PUBLIC SECTOR MANAGEMENT, REAL GDP, REAL SECTOR, RECAPITALIZATION, REGULATORY FORBEARANCE, REGULATORY FRAMEWORK, REGULATORY MEASURES, REGULATORY REGIME, REGULATORY REGIMES, RESOURCE USE, RISK TAKING, SAFETY NETS, SECURITIES, SERVICE DELIVERY, SOCIAL CAPITAL, SOCIAL DEVELOPMENT, SOCIAL POLICY, SOCIAL PROGRAMS, SOCIAL PROTECTION, SOCIAL SECURITY, SOCIOECONOMIC DEVELOPMENT, STATE ENTERPRISE, STATE ENTERPRISES, STATE-OWNED ENTERPRISES, SUBNATIONAL LEVELS, SUSTAINABLE GROWTH, TAX COMPLIANCE, TAX INCENTIVES, TAX RATE, TAXATION, TECHNICAL ASSISTANCE, TELECOMMUNICATIONS, TOTAL FACTOR PRODUCTIVITY, TOTAL FACTOR PRODUCTIVITY GROWTH, TRANSPARENCY, TRANSPORT, UNEMPLOYMENT, WAGES, WASTE MANAGEMENT, WATERSHED, WORLD TRADE ORGANIZATION, WTO