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Pattaya Daily News

26 March 2009 :: 11:03:14 am 3382

Thai Economy Shrinks Amid Global Economic Crisis

Bank of Thailand (BoT) Governor Tarisa Wattanagase on Wednesday confirmed that the Thai economy will shrink for the first time in 11 years amid large-scale global economic volatility.
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Bangkok, the 26th of March 2009 [TNA]: Worldwide downward economic trends have not bottomed out, Mrs. Tarisa warned, speaking on “Viewpoints on Money and Capital Market Situation,” the central bank chief said that the global economic conditions had not yet bottomed out despite the latest home building data shows 22 per cent growth in the United States.

The world economy this year is quite uncertain and worse than earlier predicted. It will affect the Thai economy, which is likely to shrink for the first time since 1998.

However, she believed the impact on Thailand will not be as severe as that in 1997 when the country’s economy was in crisis.

She said the central bank will revise Thailand’s gross domestic product (GDP) estimate for 2009 in April because all recently released economic data are delivering only bad news.

Amid the economic crisis, she admitted, it is useless to apply economic principles because all economic movements depend on the ‘soft’ factors of consumer and investor confidence.

Whether the Thai economy recovers or not depends on global economic developments, she said, adding that the US and European economies are likely to gradually pick up in the next three to five years.

Mrs. Tarisa reemphasised that the central bank is ready to reduce the policy interest rate if it could help stimulate the country’s economy, but in her view, the interest rate policy constrains jumpstarting the economy.

She believes that Thailand can better use fiscal policy to stimulate economic recovery because the government is in a good position to be able to sustain a deficit budget.

The central bank chief predicts that the various economic stimulus packages will help boost the economy in the second half of this year. (TNA)

Reporter : Methawee   Photo : Methawee   Category : Business News

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