To compete on exports and win their share of foreign investment, others in Asia must match these initiatives. There is debate about the pace and scope of the region's market-opening moves. By and large, however, the accepted wisdom is that liberalization could bring long-term gains. But some projects must go ahead. Multinationals looking at Thailand over the next five years would want to ask about Internet access and telephony charges.
Governments seem to be making the correct choices.
With the IMF as counselor and taskmaster, other macro-economic adjustments are being promised. To be sure, a lot depends, again, on political will. But that seems in reasonable supply these days. At the Asia-Europe Meeting in Bangkok Sept. 19, IMF Managing Director Michel Camdessus assured Thai Prime Minister Chavalit Yongchaiyudh that the Fund was happy with the way Bangkok was moving on the IMF's rescue program, which calls for deep budget cuts and higher taxes. I'm confident that they will take the right path.