Falling stocks due to trade war risks: Finance Ministry

BANGKOK, June 20 (TNA) – Sharp drops in Thai stock market are caused by concerns over the trade war threat while the Thai economy remains strong with ability to counter fluctuations, said the Finance Ministry. Finance Ministry spokeswoman Kulaya Tantitemit said the sharp drops in the stock market were short-term volatility, impacted by overseas factors, in particular potential trade spat between the US and China. A clearer picture will be seen on July 6 after the announcement of the list of goods to be imposed with higher tariff rates. Moreover, the US Federal Reserve raised interest rate, triggering capital outflows. However, the spokesperson said the Thai economy is resilient to uncertainty because the country has high international reserves worth 3.6 times short-term foreign debts. The public debt remains low at 41 per cent of GDP. (TNA)