Vol. VIII No. 32 - Tuesday
August 11 - August 17, 2009



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by Saichon Paewsoongnern


BUSINESS
HEADLINES [click on headline to view story]:

Thai financial analysts suggest the worst is over

Thai financial analysts suggest the worst is over

(L-r), Analysts Dr. Ekniti Nitithanprapas, Dr. Anusorn Tamajai,
and Dr. Kobsak Pootrakul, pictured with the Money Channel’s presenter,
Naowarat Charoenprapin, pictured at the recent Stock Exchange of Thailand’s investment presentation in Chiang Mai.

Siriporn Raweekoon
Thai financial analysts have stated that the world economy has hit bottom, with little likelihood of further deterioration, and have suggested that, to further Thailand’s economic recovery, the Kingdom should expand its business links with China and India.
Bank of Thailand executive Dr. Kobsak Pootrakul considers that, although the world recession is the worst in 89 years, an upswing is imminent. However, full recovery will take 3-4 years, as the crash was caused by a lack of liquidity in financial institutions.
When asked about Thailand’s economy, Dr. Kobsak stated that it is dependent on the world economy as the majority of its income comes from exports, which have fallen considerably due to a lack of purchasing power in its core marketplaces abroad. Investment in Thailand has also fallen due to a lack of liquidity worldwide. Dr. Kobsak concluded that the speed of the Thai economy’s recovery will depend on worldwide recovery.
A spokesman from the Fiscal Policy Office, Dr. Ekniti Nitithanprapas, reiterated Dr. Lobsak’s initial statement, adding that a total of 70% of the kingdom’s GDP comes from exports and the service industry. He noted that the unstable political situation had caused a drop in domestic consumption, but reported that, in 3 export sectors, electronics, jewellery and processed products, demand from China and India (countries relatively unaffected by the crash) had increased.
Dr. Ekniti considers that the solution for the Thai economy rests on government policy as the springboard for improved confidence amongst investors and consumers. Short term policy needs to focus on immediate aid to the poor and cash for projects to stimulate SME businesses as well as larger concerns. Long term policy needs to focus on the reduction of corruption and the streamlining of government investment projects.
A government grant of 1.86 million baht was recently given to Chiang Mai under the Thai Khem Khang project, to be invested in mainly medical education based on the establishment of the city as a medical hub. A number of dams will also be built to solve water shortage problems in agricultural areas.



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