Page 22 - Introduction to Investment Laws in Thailand

safety, maintain national economic security, or avert public calamity,
provided that there is an emergency of necessity and urgency which is
unavoidable. In the subsequent sitting of the National Assembly, the
Council of Ministers must submit the Emergency Decree to the National
Assembly for consideration. If the National Assembly approves, the
Emergency Decree shall have the force of an Act. In case of disapproval,
the Emergency Decree shall lapse, but it shall not affect any act done
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during the enforcement of the Emergency Decree .
1.1.2.4 International Treaties

Thailand’s Constitutions have not done much in providing the
support for a firm relationship between the international law and domestic
law. Nonetheless, it has been constantly accepted that Thailand has adopted
the dualist approach regarding the effectuation of international law in the
domestic legal system. In principle, international treaties to which Thailand
is the party can only affect the Thai legal system when they are transformed
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into Thai law: generally in the form of Acts .

1.2 Thailand’s Development Trajectory

Thailand has seen rapid social and economic development in the last 4-5
decades. From a lower-middle income country in 1970, Thailand advanced
to an upper-middle-income status in 2011. Thailand experienced the highest
growth during 1985-1995 with approximately a 7% rise in domestic growth
product each year. During that period, the Thai economy was fuelled by a
low-cost labour, electronic assembly and manufacturing industries, and a
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thriving construction industry . Thailand was hit by the Asian financial

19 The 2017 Constitution, Section 172
20 Kriangsak Kittichaisaree, "Effectuation of International Law in the Municipal
Legal Order of Thailand", Asian Yearbook of International Law, 1995, 4, 171-
184
21 Forbes, "Thailand: A Vision For The Future"(online), 2018, 24 June 2021,
https://www.forbes.com/custom/2018/10/30/thailand-a-vision-for-the-future/

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