Following the East Asian financialcrisis, the Bank's involvement in Thailand intensified,enabling a multifaceted stabilization, and structural reformdialogue, which deepened the economic, financial, and sectorknowledge of the country. The study benefits from thisanalytical work, and provides an overview on the ongoingpolicy dialogue, regarding short- and medium-term reform,through a number of instruments. To promote longer-termgrowth, the country embarked on a twin strategy ofmacroeconomic stabilization, and structural reform. Althoughits flexible labor market, and support mechanisms diminishedthe crisis' impact on unemployment, and poverty,compared to other countries in the region, this ability tomoderate the impact of the economic crisis, could adverselyimpact a prolonged crisis. The study examines steps tostrengthen public sector social programs, and institutionalcapacity, envisaging coherent poverty support programs in atimely manner, while speeding fiscal stimulus effects, and,monitoring poverty through reliable information, to ensurecost-effectiveness. The financial sector reform is reviewed,focusing on restructuring financial institutions, whileupgrading prudential regulations. Practices to improveprivate sector development are reviewed, i.e., promotecorporate restructuring, and competition, and, improvefactors of production, while promising a stable growth.
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