Not too long in his premiership, Chavalit was confronted by
the Asian Financial Crisis in 1997 – dubbed “Tomyam Kung
crisis” - วิกฤตต้มยํากุ้ง . Protests, mostly by businessmen and
strong criticism for his handling of the crisis, Chavilit
resigned in November 1997.
• Chuan returned to power, and came to an agreement with
the International Monetary Fund which stabilised the
currency and allowed IMF intervention on Thai economic
recovery.
To note: In contrast to the country's previous history, the crisis was
resolved by civilian rulers under democratic procedures.
• In 2000, the economic crisis became better, but Thailand still
faced rural poverty, self-strengthening, all needed to be
reassessed for Thailand’s position in the context of
globalisation and democratization. (การสร้างประเทศให้เป็ น
ประชาธิปไตย)