Thailand has made a remarkable recovery from the effects of the recent global economic crisis, the executive board of the International Monetary Fund said following its latest review of the country’s economy. The board said this stable recovery was fueled by the forceful policy response of Thai authorities, revival of local demand and robust recovery of the country’s export sector. But the IMF board warned that Thai authorities still need to work on stabilizing the country’s policy stance. Despite this, board members backed the government’s plan to gradually reduce its fiscal stimulus and welcomed the decision by the Bank of Thailand to start raising interest rates.

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    • Ivy Mungcal

      As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.