Global Financial Crisis and ASEAN: Fiscal Policy Response in the Case of Thailand and Indonesia


Correspondence: Kanit Sangsubhan, Fiscal Policy Research Institute, 118/1 Tipco Tower, 33rd Floor, Rama VI Road, Bangkok 10400, Thailand. Email:


Sound macroeconomic and financial fundamentals, plus quick and forceful fiscal policy responses contributed to Thailand's and Indonesia's economic recovery in the aftermath of the global financial crisis. This paper reviews the impacts of the recent global financial crisis on the Thai and Indonesian economies, and identifies the characteristics of the fiscal stimulus package in each economy and their implications to counter the negative impact of the global financial crisis.