After Thailand became ground zero in the Asian financial crisis, the baht achieved a long-running stability
Thailand remains among the most open emerging economies. Trade has risen from 80 per cent of GDP in 1998 to more than 110 per cent today. (Source: REUTERS/Damir Sagolj)
In February of 1998, 25 years ago this month, I was in Bangkok, ground zero of the Asian financial crisis. The implosion of the Thai baht had triggered a serial meltdown of currencies and markets with protesters in the streets across the region and chaos spreading. As world leaders raced to slow the global contagion, Thailand and its neighbours had sunk into a depression. The Thai economy contracted by nearly 20 percent, as stocks fell by more than 60 percent…
