Thailand in the global economy Lecture 11 Case 1: The 1997/8 Asian Financial Crisis Timeline: http://www.washingtonpost.com/wp-srv/business/longterm/asiaecon/timeline.htm Possible causes
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Southeast Asia has been a major producer of natural rubber since a long time. In 1950 Malaysia produced 761000 tons and Thailand 114000 tons; in 2001 Malaysia’s production volume was around the same as in 1950, whereas Thailand produced not less than 2300000 tons. Currently Thailand is the largest exporter and Thailand, Malaysia and Indonesia together produce 73% of the world production.
1 Deeply flawed institutions and practices within money and capital markets particularly a lack of a smart global regulatory framework
2 Overconsumption in the United States of America
3 Under-consumption in Japan, China and other emerging markets with high savings rates creating current account imbalances
Recession in Thailand: the decline of economic output (Gross Domestic Product) of more than six months
May 28th 2009 From The Economist Intelligence Unit
“Thailand has slid into recession after real GDP fell for a second consecutive quarter, new government data show. In the first three months of 2009, real GDP contracted by 7.1% year on year, following a revised 4.2% contraction in the fourth quarter of 2008”
It is hoped that the leaders of the G20, a group of 20 very large economies in the world, could eventually come up with coordinated policies that will reduce the negative impact of financial globalization. Smarter regulation of product, money and capital markets really seems to be necessary.
Without improvements you and your children will experience future financial bubbles ultimately leading to financial meltdowns with serious repercussions for product markets and temporary increases in poverty levels.
“The great crash of 2008”