I wanted to point out a column in Wednesday’s IHT/NYT called “Betting on Thailand.” It’s a look at how Thailand compares — and will compare over the next 20 years — with its regional neighbors in terms of business and economic development.
Here’re the last two graphs, which are particularly interesting:
Indeed, Thailand’s long-term strengths could be in the areas in which Vietnam is weak. Thailand’s successes, from sex tourism to medical tourism, owe much to freewheeling attitudes and individual initiatives, as well as to its superb location and diverse geography. For sure, public investment helped but Thais have been uniquely successful in creating a huge tourism industry. Big foreign-owned industries like cars are important but less so than a myriad of smaller enterprises that flourish in a society that is at one level very nationalistic but is sufficiently self-confident to be open to foreigners. It may be well suited to a transition to a higher-valued-added economy based on services and — like Italy — a source of niche products and creative design.
It may not get there. But if Thailand’s history of adaptation is any guide, do not bet against it. In 20 years Vietnam will have a bigger economy, will have made more money for today’s investors, and may carry more international weight. But for quality of life in an open society, my money would still be on Thailand.
(Emphasis mine.)