Before the economic crisis in 1997, Thailand was named one of the Asian Newly Industrialized Countries (NICs) with an average economic growth rate of 8-9percent during 1993-95. The crisis resulted in a negative growth rate of –7.8 percent in 1998. Moreover, the impact of the economic recession in the world market has affected the country’s total exports, which amounted to US$57 billion (US$1=31.5 bahts) and US$53 billion (US$1=41.6 bahts) in 1997 and 1998, respectively. The economic growth forecast for 1999 is expected to be around 3-4 percent.
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