Finance Minister Expresses Confidence

[Jai Dee]

FINANCE MINISTER EXPRESSED CONFIDENCE IN THAILAND'S ECONOMIC STABILITY

Finance Minister Thanong Pitaya (ทนง พิทยะ) expressed confidence that Thailand’s economic growth this year will maintain its stability, adding that the ministry will adjust infrastructures next year to compete in world market.

Mr. Thanong said that he has been carefully managing the national budget to avoid deficits, adding that the government was able to make a balanced budget for the first time in budget year 2005. He said that the Ministry has reiterated to government agencies that they monitor government expense structure closely, ensure that public debt to GDP ratio will not exceed 50% and the ratio of debt to budget must not exceed 25%. He said that the Finance Ministry has adjusted many infrastructures to enable Thailand to compete in the long run, adding that the Ministry has attempted to make Thaland a center of electronic appliances production. He added that many measures have made Thai economy to grow with more stability, adding that he expected the economic growth in the second half of 2005 to be around 5.5%. He said when combined with the 3.9% economic growth rate during the first half of te year, this year’s economic growth rate will stay at 4.5%.

Mr. Thanong said that next year, the Mnistry will adjust basic infrastructures to build competitiveness. He also expects that the country’s economy in the next five years will grow at no less than 5%. He said tha inflation rate and current account will not cause problems for economic stability.

Source: Thai National News Bureau Public Relations Department - 15 December 2005

[dr_Pat_Pong]

He would say that wouldn't he ?

[sonthaya]

Then let us hope he's right

[cclub75]

He said tha inflation rate and current account will not cause problems for economic stability.

Sure.

Like in 1997. Nothing was a problem. Mai pen rai.

Such statement are so funny. I'm always wondering : do they really believe what they say. Or is it pure cynism ?

Well, more and more, I think that it's the first option...

[Ricardo]

and the 'Titanic' was unsinkable, too.

Hopefully he realises that, in a complex global economy with a number of serious inbalances & problems, there are also threats to the Thai economy out there.

One wonders what lessons he would claim have been learned, as a result of the experiences of 1997, and what sort of contingency-planning his ministry carries-out ?

How does he plan to adjust basic infrastructures next year, what does he forsee the results of this being, and if he knows what he wants to do - why have the changes not already been made this year ?

[sonthaya]

He's an optimist.

[Ned]

More relocations of sub-contracted factories to the border areas are set to increase in search of Burmese low wage workers. Anyone been out to Mae Sot recently? Vietnam looks like shaping up as this country's main competitor in coming years.....China and India of course too. Long gone are the days when Thailand had aspirations of one day joining the Tiger Economies of Singapore or Taiwan , and talks of real value added productivity coming from the results of an improved education and training system. Now it's a case of putting the Burmese, Lao and Khmer slaves to work for the country, dragging down the wages of their Thai equivalents. Corporate bank balances are fat but none of the contents are going anywhere to improve the country's productivity. It's just dirt low wages and good private profits for the real big boys (the so called 26 Families) from here on in folks.

[astral]

Wghat else could he say without getting the immediate sack.

[Ricardo]

Hub of confidence-in-stability statements ?

Methinks he doth protest too much