The recession in the industrialised countries has raised an important issue regarding the choice of external strategy for economic development for many near-NICs which have been attempting to emulate the export-led industrialisation and growth strategy of the NICs. Should they continue to orient their policies toward the export sector, despite the increasingly variable and uncertain state of the world economy and the (probably correct) presumption of the existing and continued export expansion policy of the first generation of successful NICs? If an export-led industrialisation strategy is not appropriate for any of the near-NICs, what alternative should they take?Taking Thailand as an example, this Working Paper aims to provide guidance on external strategies for any near-NIC.