Don't Panic About Economic Slowdown, Says DPM

[george]

Don't panic about economic slowdown, says DPM

BANGKOK: -- Deputy Prime Minister Somkid Jatusripitak yesterday brushed aside mounting concern on the country’s economic slowdown, saying the situation was not as worse as many thought.

He said economic figures in the first quarter of this year showed economic activities including production capacity utilization, tourism, and exports had picked up.

What should be of concern now was a panic over the economic situation since it had eased the local investment.

He said foreign investment in the country had surged by 90% in the first quarter of this year.

“We can feel worried about the economic situation, but should not panic about it.”

Dr. Somkid, who is also finance miniser, said he was confident the economy would continue to expand in the rest of the year, boosted by the exports and tourism.

Under the circumstance, the country’s current account balance would be in surplus for this year.

The deputy premier added he saw a need to establish the Free Trade Area (FTA) Office in an attempt to boost efficiency of trade talks with foreign partners

He said the Commerce Ministry had been instructed to upgrade the Trade Negotiation Office into the FTA Office under the supervision of the Permanent Secretary for Commerce.

--TNA 2005-05-04

[ace]

I'm no expert, but I know that an economy that has experienced a 100% increase in it's stock market valuation over a 1 year period better slow down pretty ###### quick. Real danger to SE Asian economies is from non-economic events I'm sorry to say.