PM: Economic Agencies Should Take Steps Now

[Lite Beer]

EURO-ZONE CRISIS

PM: economic agencies should take steps now

The Nation on Sunday

BANGKOK: -- Measures needed to mitigate impact on tourism and export industries

Prime Minister Yingluck Shinawatra has told economic and related ministries to prepare measures to cope with potential negative consequences of the ongoing euro-zone crisis, because it could affect Thailand's export and tourism revenue.

Speaking on her "Yingluck's Government Meets the People" television programme on Channel 11 yesterday, the PM said the National Economic and Social Development Board (NESDB), the Finance Ministry and the Bank of Thailand would together monitor the situation. She added that the agencies would also analyse the potential direct and indirect impacts the crisis might have on the economy.

This will help Thailand avoid the worst of the consequences. For example, the Commerce Ministry has spoken to exporters who might be affected, and the government is making preparations to help them out.

The government will also start looking for a new market of tourists in order to lessen the impact on the Thai tourism industry.

Deputy PM and Finance Minister Kittiratt Na-Ranong said the international community remains confident that European countries would be able to handle this crisis and it may not have as heavy an impact on the world economy as the 2008 Hamburger crisis did.

However, he admitted that the European debt crisis would possibly have some effect on the Thai economy, which depended on exports, foreign investment and tourism.

He said that measures would be put in place to mitigate the crisis impact, adding that Thailand's export growth target remains unchanged at 15 per cent this year and that the gross domestic product (GDP) would grow at least at 5.5 per cent this year.

This is due to the government investing in infrastructure for flood prevention, raising the minimum daily wage, reducing corporate taxes from 30 to 20 per cent, lowering interest rates and energy prices as well as keeping the baht at a weaker foreign exchange rate, the minister said.

Meanwhile, Yingluck is scheduled to begin her three-day working tour of the Eastern Seaboard today.

She will inspect a centre tasked with handling emergencies at Rayong's Map Ta Phut Industrial Estate as well as discuss strategies to promote tourism in the region.

She is also scheduled to visit Chon Buri's Laem Chabang deep-sea port and logistics centre on the Eastern Seaboard.

-- The Nation 2012-06-17

[Moruya]

I wonder if the Thai-based car manufacturers are still playing catch up with orders in the post Fukuoka/post flood world? Might insulate them a bit from any new Hamburger crises.

Maybe they will witness a Chips exodus shortly through and no one will relish that thought

[Skywalker69]

This will help Thailand avoid the worst of the consequences. For example, the Commerce Ministry has spoken to exporters who might be affected, and the government is making preparations to help them out.

If the PM and PTP wont to help Thailand they should get Thaksin out of the equation, but never mind it will never happen.

[MILT]

This will help Thailand avoid the worst of the consequences. For example, the Commerce Ministry has spoken to exporters who might be affected, and the government is making preparations to help them out.

If the PM and PTP wont to help Thailand they should get Thaksin out of the equation, but never mind it will never happen.

or better yet resign and fire her cabinet.

[Moruya]

This will help Thailand avoid the worst of the consequences. For example, the Commerce Ministry has spoken to exporters who might be affected, and the government is making preparations to help them out.

If the PM and PTP wont to help Thailand they should get Thaksin out of the equation, but never mind it will never happen.

or better yet resign and fire her cabinet.

But not in that sequence!