Word: thailand
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...military junta that rules Thailand these days might do well to remember the ways of the nation's diplomatically skilled forebears. Just as before, Thailand's economy is dependent on negotiating global forces-the country is the world's No. 1 exporter of rice and relies on tourism and foreign direct investment to power its growth. Yet in recent weeks, the Cabinet appointed by the ruling generals, who in September overthrew the democratically elected Prime Minister Thaksin Shinawatra, has unveiled economic measures that have left foreign investors distinctly uncharmed. In December, to combat an appreciating currency that was irking Thai...
...That globalist warning bell may ring true in Davos, but in Thailand, ground zero of the 1997 Asian financial crisis, economic protectionism is on the rise. "There are several members of the coup Cabinet who believe Thailand is too dependent on foreign investment," says Supavud Saicheua, head of research at Phatra Securities in Bangkok. "They believe it's their duty to fix things before global economic trends negatively affect Thailand." In a country where the King is widely revered, the junta's Cabinet has shrewdly tied its closing-door strategy to an existing royal mandate. After the regional financial meltdown...
...rattled. Although a local poll showed the junta Cabinet's popularity plunging from 90% to 48% since October, that's largely blamed on a mysterious New Year's Eve bombing campaign that killed three people in Bangkok-not on economic nationalism. "I think there is a growing group in Thailand that believes business here should belong to Thais, not foreigners," says Sukhbir Khanijoh, senior analyst at Kasikorn Securities in Bangkok. That sentiment was stoked by Thaksin's controversial $1.9 billion sale last year of his family stake in telecom firm Shin Corp. to Singapore's Temasek Holdings-a deal perceived...
...Thailand's economy is still more open than many of its neighbors'. But in hot investment destinations like Vietnam and China, the trend is toward fewer restrictions, not more. Nor have recent trade figures justified the pleas for protection by Thai exporters, which led to the controversial capital controls. Despite the baht's 15% rise in 2006, Thailand's exports actually climbed 17% last year, to $130 billion. So who loses out? In the short term, mainly foreigners. But given Thailand's dependence on overseas investment, such protectionism may backfire. "The repercussions of these policies will eventually affect Thais...
...THAILAND...