Thailand: Miss Universe 1988

Abstract

Introduction In March 1988, Fortune magazine reported that Thailand is on its way to being the next Asian NIC, or newly industrialising country. In June, Newsweek's front page proclaimed Thailand as Asia's Newest Economic Power. In July Business Week ran a major article under the title: Thailand: A Fifth Tiger Gets Ready to Roar. In October, Bangkok figured on the front page of Time magazine as Asia's latest boomtown, and the cover article noted that Thailand is enjoying one of the highest ? almost 9 per cent ? growth rates in Asia, itself the fastest-growing area in the world. In May, when Miss Thailand (Miss Pornthip Nakhirankanok) was crowned Miss Universe, it seemed symbolic of the sudden spurt of interest in the kingdom1. For several years, Thailand had figured little in world news, and the Thai economy had seemed one of the more predictable and least interesting in Asia. Why in 1988 was Thailand suddenly trumpeted as the next NIC, the next tiger, the next Asian economic miracle? To answer this question, the recent performance and future prospects of the Thai economy have to be set in the historical context of Thai economic development. This paper, thus, looks first at the recent history of the Thai economy, before proceeding to a review of the main features of the current boom, and finally to an analysis of future trends and prospects.