The Heat Is on Thailand to Not Just Muddle Through
Fuel prices suffered their steepest increase in decades after the Thai government reined in subsidies.
Photographer: Dario Pignatelli/BloombergThailand’s economy, one of Asia’s brightest stars over a generation ago, has congestion issues. Problems are piling up with very poor timing, made worse by the strains on global business from the Iran war. Decision-makers, already beset by disappointing growth, enormous demographic challenges and a tourism industry that’s come down to earth, need to rise to the occasion.
Failure risks confining one of Southeast Asia’s anchor nations to the ranks of permanent also-rans, a place in the sun that’s fun to visit and will enjoy good years — when world conditions are favorable. But not one strong enough to wrestle down long-term challenges, let alone return to anything like the frothy heights that preceded the late-1990s Asian financial collapse, and never reached again.