Thailand's economy started to recover in 1999, expanding 4.2–4.4% in 2000, thanks largely to strong exports. Growth (2.2%) was dampened by the softening of the global economy in 2001, but picked up in the subsequent years owing to strong growth in Asia, a relatively weak baht encouraging exports, and increased domestic spending as a result of several mega projects and incentives of Prime Minister Thaksin Shinawatra, known as Thaksinomics. Growth in 2002, 2003, and 2004 was 5–7% annually.