Thai government urged to ensure public access to basic resources

BANGKOK, July 31 (TNA) - Bank of Thailand (BOT) Governor Prasarn Trairatvorakul urges the Thai government to enhance and ensure public access to basic resources, rather than focusing on its populist policies to stimulate national economic growth, noting that expanding gross domestic product (GDP) of a country does not always refer to a strong economy. When delivering a speech on whether the GDP reflects the strength of an economy Tuesday, Prasarn said that a strong economy has to present not only the GDP growth but also balance, stability, increasing productivity and the good life of people. Prasarn suggested that the Thai government provide public access to basic social and economic resources, as well as equal and adequate benefits from the national growth. Besides, the government and the private sector should join forces to contain Thailand's inflation. The BOT chief acknowledged that Thailand's GDP has grown satisfactorily by 5.7 per cent so far this year, cautioning, however, that short-term populist measures, namely discounts and giveaways, will not support the country's sustainable economic development but will, instead, reduce public efficiency, as people think they will, anyway, have incomes no matter whether they work or not. The BOT governor pointed that such measures could cushion negative economic impacts for only a certain period of time and should actually be limited, calling for the government to, instead, work for long-term national stability and competitiveness through increasing public access to basic social resources and good educational services. (TNA)