Thaksinomics

The term was coined by President Gloria Macapagal Arroyo of the Philippines during the 2003 Nikkei in which she explained how she conducted her economic policy by following Thaksin's "domestic consumption-based (and) managed asset reflation".

[1] Thaksinomics is a populist [citation needed] set of economic policies aimed at Thailand's rural people, who make up the majority of the country's population.

Supporters of Thaksinomics argue that these policies, implemented in the aftermath of the Asian Financial Crisis, have driven a stable, demand-driven recovery of Thailand's economy, which was previously dependent on exports, making it vulnerable to external shocks.

They also point out that under the Thaksin administration, Thailand has repaid all of its debts to the International Monetary Fund (incurred after the Asian Financial Crisis) four years ahead of schedule.

Skeptics also note that under Thaksin's policy of pushing state-owned banks to increase loans to poor farmers, consumer indebtedness has risen dramatically.

Thaksin's supporters argue that the economic slowdown is largely a result of the 2004 Indian Ocean earthquake and tsunami and rising oil prices and inflation.

Thaksin was forced into an embarrassing retreat in July 2005 when the trade deficit and public debt caused the government to abandon its transportation vehicle fuel price subsidy.

The Australian Ministry of Foreign Affairs and Commerce made one announcement after the FTA – 'Australians will now have access to broad band telecommunication with the investment of $280 million from Thailand's iPSTAR'.