 |
 Flag
of Thailand
The flag of Thailand consists of five horizontal bands
of red (top), white, blue (double width), white, and
red.
A unified Thai kingdom was established in the mid-14th
century. Known as Siam until 1939, Thailand is the only
Southeast Asian country never to have been taken over
by a European power. A bloodless revolution in 1932 led
to a constitutional monarchy. In alliance with Japan
during World War II, Thailand became a US ally following
the conflict.
Thailand has a free enterprise economy and welcomes
foreign investment. Exports feature computers and electrical
appliances. After enjoying the world's highest growth
rate from 1985 to 1995 - averaging almost 9% annually
- increased speculative pressure on Thailand's currency
in 1997 led to a crisis that uncovered financial sector
weaknesses and forced the government to float the baht.
Long pegged at 25 to the dollar, the baht reached its
lowest point of 56 to the dollar in January 1998, and
the economy contracted by 10.2% that same year. Thailand
then entered a recovery stage, expanding by 4.2% in 1999
and 4.4% in 2000, largely due to strong exports. An ailing
financial sector and the slow pace of corporate debt
restructuring, combined with a softening of global demand,
slowed growth to 1.4% in 2001. Increased consumption
and investment spending pushed GDP growth up to 5.2%
in 2002 despite a sluggish global economy.
|
|
