ID :
64923
Tue, 06/09/2009 - 14:14
Auther :
Shortlink :
https://oananews.org//node/64923
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WORST IS OVER FOR THAI ECONOMY, SAYS PRIME MINISTER
BANGKOK, June 9 (Bernama) -- After a sharp year-on-year fall of 7.1 percent
in the first quarter gross domestic product (GDP), Thai Prime Minister Abhisit
Vejjajiva said the worst is over for the country's economy.
He said while GDP was still expected to contract in the second and third,
it's likely to post a positive figure in the last quarter.
However, the economy would still contract between three to five percent for
the whole year, adding that Thailand was on the road to recovery with a 1.0 to
2.0 percent growth in 2010.
"There are already signs of recovery.The worst is behind us. The number
of layoffs have declined since April," he told about 1,000 participants at the
Third Euromoney Thailand Investment Forum here Tuesday.
Also present were Finance Minister Korn Chatikavanij and Malaysia's CIMB
Group Chief Executive Nazir Razak. CIMB is Malaysia's second largest provider of
financial services.
Abhisit, who took over in December, said exports of electronics and chemical
products have increased while the stock exchange which dropped 47 percent in
2008 has regained its position.
According to him, Thailand suffered heavily in the past year, with a 20
percent monthly drop in exports in the past four to five months and a 20 percent
fall in tourist arrivals.
"It's hard for Thais who have enjoyed double digit growth for many years.
But we are not alone, as Japan, Singapore and Hong Kong also suffered worse than
us in the first quarter while Malaysia saw a 6.2 contraction," said Abhisit, who
visited Malaysia on Monday.
Abhisit said the Democrat Government, which also led the country during the
1997 Asian financial crisis, had moved swiftly to deal with the slowdown,
including implementing stimulus packages that help vulnerable people.
He said 70 to 80 percent of the previous stimulus package had been
distributed while the second stimulus package involving 400 billion bahts is
expected to given out in August, with the aiming of creating two million jobs
within three years.
-- BERNAMA
in the first quarter gross domestic product (GDP), Thai Prime Minister Abhisit
Vejjajiva said the worst is over for the country's economy.
He said while GDP was still expected to contract in the second and third,
it's likely to post a positive figure in the last quarter.
However, the economy would still contract between three to five percent for
the whole year, adding that Thailand was on the road to recovery with a 1.0 to
2.0 percent growth in 2010.
"There are already signs of recovery.The worst is behind us. The number
of layoffs have declined since April," he told about 1,000 participants at the
Third Euromoney Thailand Investment Forum here Tuesday.
Also present were Finance Minister Korn Chatikavanij and Malaysia's CIMB
Group Chief Executive Nazir Razak. CIMB is Malaysia's second largest provider of
financial services.
Abhisit, who took over in December, said exports of electronics and chemical
products have increased while the stock exchange which dropped 47 percent in
2008 has regained its position.
According to him, Thailand suffered heavily in the past year, with a 20
percent monthly drop in exports in the past four to five months and a 20 percent
fall in tourist arrivals.
"It's hard for Thais who have enjoyed double digit growth for many years.
But we are not alone, as Japan, Singapore and Hong Kong also suffered worse than
us in the first quarter while Malaysia saw a 6.2 contraction," said Abhisit, who
visited Malaysia on Monday.
Abhisit said the Democrat Government, which also led the country during the
1997 Asian financial crisis, had moved swiftly to deal with the slowdown,
including implementing stimulus packages that help vulnerable people.
He said 70 to 80 percent of the previous stimulus package had been
distributed while the second stimulus package involving 400 billion bahts is
expected to given out in August, with the aiming of creating two million jobs
within three years.
-- BERNAMA
