1.   Before the economic crisis, some may remember that the export industry had lost some of its competitiveness as the baht was overvalued, even a few years earlier.

2.   Chaiyawat would argue that the baht was not overvalued.

3.   However, it was believed then that the baht was not overvalued.

4.   Many felt the baht was overvalued considering the crumbling fundamentals of the Thai economy.