Asia-Pacific economies after the global financial crisis

Lessons learned and the way forward

image of Asia-Pacific economies after the global financial crisis
This publication is to understand why countries in the Asia and Pacific region were significantly less affected by the global financial crisis than the world’s most advanced economies of Europe and the United States, and what are the main lessons from their experience for building resilience from future crises. The majority of the essays collected in this volume are revised and updated versions of papers presented by experts from the region at a conference organized by the Economic and Social Commission of Asia and the Pacific in Manila in September 2011.




This chapter analyses Thailand’s experiences during the global financial crisis of 2008-2009 and during the flood crisis of late 2011. Given that Thai economy relied significantly on external demand, it was negatively affected by the adverse external environment arising from United States subprime financial crisis and the subsequent global economic slowdown that took place in late-2008 and the first half of 2009. As a result, Thailand’s GDP contracted by 4.1 per cent in the 4th quarter of 2008 and a further 6.1 per cent in the first half of 2009. But despite these large economic contractions, the Thai economy recovered rapidly in the second half of 2009, supported by government stimulus policies as well as by the gradual recovery of the global economy.


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