Finance Minister Korn pushes Auto Manufacturing and Tourism to cure income/social inequalities behind civil unrest

Thai Finance Minister Korn says Thailand needs “second engine” for growth to narrow the growing income disparity in Thailand. At the Asia21 Conference Korn acknowledged that reliance on exports has grown corporate tax receipts but failed to increase wages when adjusted for inflation. Growing domestic demand would make Thailand less susceptible to external volatility from worldwide market changes. Korn suggested that the 4 Tigers (Hong Kong, Singapore, South Korea, and Thailand) can then serve as a model by showing a growth in regional prosperity with a narrowing of the income disparities. Minister Korn’s efforts can be seen as part of the Thai Government’s efforts to address the underlying social/financial inequalities they feel created the environment for recent civil unrest. While the Government seems set on using “fiscal stimulus” in the short term, Korn looks to be trying to address the long term issue.

See: http://www.ft.com/cms/s/0/1f57cd9a-831c-11df-8b15-00144feabdc0.html , http://www.nationmultimedia.com/home/2010/07/08/business/Govt-likely-to-give-sharp-boost-to-minimum-wages-30133307.html , http://www.nationmultimedia.com/home/2010/07/14/politics/NRC-targets-problems-the-powerless-want-solved-30133696.html , and http://www.nationmultimedia.com/home/2010/06/11/business/Exports-surge-but-strong-baht-hurts-30131392.html .

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I am glad that Kh Korn still has his job after his forecast in the Bangkok Post letters about why England would not be able to perform at the world cup. He was totally accurate in what he said regarding risk versus gain.

He was so confident in his prediction that he offered to resign if England progressed to the finals. (He knew that his job was safe!)

Perhaps someone could offer him the job of England Manager?