Thailand is coming back, according to William H. Overholt, executive director and Asia strategist at Nomura International (Hong Kong) Ltd. Co. While privatization is languishing, and its politics and economy are messy, Thailand is renovating its institutions. "The new Thailand will be even more diverse, even more competitive, and have even freer access to information," Overholt predicts. "Thailand's diversity is the enemy of Korea-style clear-cut, top-down decisions, but its messiness is the messiness of the market." He's estimating 1999 GDP growth of 2.5%.