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Hua Hin
Tuesday, May 21, 2024

Thai Baht Recognized as the World’s Most Resilient Currency

Anucha Burapachaisri, Deputy Secretary-General to the Prime Minister and Acting Government Spokesman, cited a Financial Times story that the Thai baht was named the world’s most resilient currency.

The paper, titled “The Untold Story of the World’s Most Resilient Currency,” was written by Ruchir Sharma, Chairman of Rockefeller International. It said that when Thailand confronted the Asian financial crisis more than 25 years ago, the Thai economy shrunk by about 20%, equities plunged by more than 60%, and the baht lost more than half its value versus the dollar.

“Thailand has disappeared off the global spotlight since early 1998, but the baht has been unusually robust, keeping its value against the dollar better than any other emerging world currency,” the paper added.

“Thailand remains one of the most open rising economies. Trade has increased from 80 percent of GDP in 1998 to more than 110 percent now.”

The research also stated that Thailand capitalized on its strengths in tourism and industry, which account for a quarter of GDP. It stated, “Meanwhile, tourist destinations on Phuket and Koh Samui continue to grow, alongside new ventures into medical and wellness services. During the crisis, tourism has more than quadrupled as a part of GDP to 12 percent, becoming an extraordinarily big source of foreign money.”

Mr. Anucha reported Prime Minister General Prayut Chan-o-cha as saying that the government was sure that it was on the right road in terms of national growth. The government is also prepared to change its economic policies in order to achieve balanced growth, stability, and sustainability.

Earlier, the Prime Minister declared that the Thai economy was doing favorably, with ongoing revival of the local and grassroots economies. The tourist and hotel industries have greatly improved. Although agricultural export prices had some difficulties, the situation was not as catastrophic as some experts had anticipated. The relevant authorities have closely observed the situation and are prepared to take necessary action to address it.

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