Thai Baht Recognized as the World’s Most Resilient Currency

Deputy Secretary-General to the Prime Minister and Acting Government Spokesperson Anucha Burapachaisri quoted a report in the UK-based Financial Times that the Thai baht was recognized as the world's most resilient currency.

The report, titled “The untold story of the world’s most resilient currency,” was written by Ruchir Sharma, Rockefeller International Chairman. It stated that, when Thailand faced the Asian financial crisis more than 25 years ago, the Thai economy contracted by nearly 20 percent, as stocks fell by more than 60 percent and the baht lost more than half its value against the dollar.

“Since early 1998, Thailand has faded on the global radar but the baht has proved uncommonly resilient, holding its value against the dollar better than any other emerging world currency,” the report said.

“Thailand remains among the most open emerging economies. Trade has risen from 80 percent of GDP in 1998 to more than 110 percent today.”

The report also indicated that Thailand built on its strengths in tourism and manufacturing, which generates a quarter of GDP. It said, “Meanwhile the tourist hotspots around Phuket and Koh Samui expand alongside new forays into medical and wellness services. Since the crisis, tourism has more than doubled as a share of GDP to 12 percent, becoming an unusually large source of foreign exchange.”

Mr. Anucha quoted Prime Minister General Prayut Chan-o-cha as saying that the Government was confident about its move on the right track in national development. The Government is also ready to adjust its economic policies appropriately for balanced growth, stability, and sustainability.

Previously, the Prime Minister stated that the Thai economy was positively advancing with continued recovery of the local and grassroots economy. The tourism sector and hotel business have improved significantly. Although agricultural export prices faced some problems, the issue was not as serious as some analysts had thought. All relevant agencies have closely monitored the situation and are ready to take appropriate measures to handle the issue.


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