On August 24, associated private sector committees of
Chiang Mai jointly with Bank of Thailand, held a seminar titled “Economy
Problem Solving Methods” to let organizations and sectors concerned know
about the real economic situation.
Narong Tananuwat, president of Chiang Mai Chamber of
Commerce said that even though the Thai economy had slowed down, businesses
could ride out the recession by analyzing the situation and competing for
Yuttapong Jiraprapapong, president of The Federation of
Thai Industry, Chiang Mai Chapter, complained that prices were affected by
fuel oil costs and this directly affected production. However, producers
should be ready to compete by finding methods to reduce capital as much as
possible, while maintaining the quality of products.
Warin Keunkai, president of Chiang Mai Banker Club said
that nobody could predict what direction the economy would go and thus new
investments had dropped. However, this slow down was changing, as an
economic cycle and the overall image of the economy was not too bad and
could be better soon, a tribute at to government stability he claimed. The
government had plans to stimulate the Thai economy and had supported private
sector businesses to reduce deceleration during this period. Even though
export value had decreased, it was still better than other countries, Warin
added. However, this is cold comfort for those in financial difficulties,
attempting to trade their way out of the slump.
Personal debt situation was worrisome because most debts
were from finance institutes not banks and thus out of the control of the
Bank of Thailand. An efficient credit checking process was not in place and
that involved risk and non-performing loans (NPLs).