Pattaya Daily News

18 September 2008 :: 11:09:05 am 42391

Government Urged to Issue New Economic Stimulus Measures

BANGKOK, Sept 18 - The Thai government should come up with a new economic stimulus package and accelerate implementation of the long-planned mega-investment projects to ensure the country‘s economic survival amid the current global financial crisis, according to a leading academic.
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Speaking at a seminar on “The Way to Survive amid Economic Crisis Time,” Dean Anusorn Tamajai Rangsit University’s faculty of economics said the new government being formed by newly-elected Prime Minister Somchai Wongsawat is expected to be short-lived since the current political conflicts might lead to the dissolution of the House of Representatives.

At the same time, the court’s ruling on the critical case regarding the dissolution of the ruling People Power Party dissolution is imminent. So, it might be difficult for the new government to push to implement fiscal policy.

However, he said, the government needs to issue the new economic stimulus measures including tax reductions, and the injection of money into the economic system through flood relief programmes.

He advised that the Bank of Thailand inject money into the system by issuing bonds and reducing the policy interest rate by 50 basis points to jump start investment.

Dr. Anusorn believes that political restructuring should take place over the long term, but the state-sponsored mega-projects, particularly the construction of extensions to the mass transit system for metropolitan Bangkok, should be urgently implemented.

At the same time, haid, private-sector companies should be allowed to take up and manage the projects with the government acting as supervisor. Such an approach would help save the projects from being tied with the political woes, he said. (TNA)

Reporter : PDN staff   Photo : Internet   Category : Thailand News

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