BOT urges attitudinal adjustment to cope with changing economic situation

BANGKOK, October 22 (TNA) - The Bank of Thailand (BOT) has recommended attitudinal changes and solutions to structural problems to cope with the changing world economic situation. BOT Governor Prasarn Trairatvorakul made the recommendation at a seminar held in Bangkok on Tuesday so that Thailand can cope with the changing world economic situation. Prasarn emphasized the preparation for the growing proportion of ageing citizens in Thailand, from 11 per cent now to 16 per cent by 2030, and for automatic technologies, which will increase productivity by 70 per cent within 12 years. Prasarn pointed out that Thai people have not changed their attitudes about competition, resulting in, consequently, and Thailand’s economic growth rate slowdown from 9 per cent in 2000 to only 4 per cent last year. According to the BOT chief, the Thai economy has expanded by only 4.8 per cent on average over the past three years. The BOT governor suggested attitudinal changes in three areas. They include Thai people focus on the quality of products and services, rather than prices, and increased research and development (R&D) projects. The BOT governor said Thai people should also beware of fiercer global competition so that they will be prompted to develop innovations, but they must reject corruption. Meanwhile, Sumet Tantivejkul, Secretary-General of the Bangkok-based Chaipattana Foundation, urged Thai people not to completely copy the lifestyles of foreigners, but encouraging them to change and not to adhere to any figure about high economic growth. Sumet advised Thai people to adhere to the Sufficiency Economy Principle, introduced by His Majesty King Bhumibol Adulyadej, and not to adhere to figures about the gross domestic product (GDP), and to also have in-depth knowledge about their main and minor businesses. (TNA)