Thailand concerned over impacts from European debt crisis

BANGKOK, June 28 (TNA) - Thai authorities have expressed their concerns over possible negative impacts from the ongoing European debt crisis on the national economy and economic ministers are, therefore, working out measures to particularly protect Thailand's exports and employment from the impacts. Permanent Secretary for Finance Areepong Bhoocha-oom told journalists that the economic ministers met on Wednesday during which their concerns over the possible impacts on Thailand's exports and employment were discussed, especially those on the local electronic and the textile industries in which there are some 2,100 manufacturers and a number of workers. Areepong acknowledged that the economic ministers were, however, not worried over recent report that Cyprus was the 5th country having sought financial support from the US-based International Monetary Fund or IMF, as it is a small country and the European Union (EU) is considered to be able to handle its ongoing debt crisis. Besides the economic ministers were neither concerned over a slight increase in unemployment rate in Thailand so far, as it is seasonal and there are about 80,000 new graduates; so, the country's unemployment rate will likely drop when the graduates have jobs. According to the senior official, Deputy Prime Minister and Finance Minister Kittirat Na-Ranong is scheduled to discuss the eurozone debt crisis with Thailand's commercial attachés assistance for exporters in Bangkok Thursday, followed by a meeting between Thai Commerce Minister Boonsong Teriyapirom and exporters on June 30 to discuss the issue and measures to protect them. Meanwhile, Arkom Termpitayapaisit, Secretary-General of the National Economic and Social Development Board (NESDB), said that Thai exports in May rose by 7-8 per cent year-on-year despite a slowdown in previous months, the NESDB has, therefore, maintained its projection of Thailand's export growth at about 15 per cent year-on-year this year and will be promoting Thai exports to other promising markets in the second half of this year to offset declining shipments to Europe. Apichart Jongsakul, Secretary-General of the Office of Agricultural Economics, reported, however, that the value of Thai rubber exports tumbled by 49 per cent year-on-year during the first four months of this year due to the economic slowdown in Europe, and that Thai exports of rice and canned fruits also dropped during the January-April 2012 period, noting that exports of Thai farm products to the EU normally accounts for 12 per cent of total Thai export, and that the Ministry of Agriculture and Cooperatives will, thus, soon convene concerned authorities to examine the impacts and work out solutions. (TNA)