Pattaya Daily News

07 February 2009 :: 12:02:41 pm 39226

Thailand to Urge Asean to Spend Savings to Bolster Economy

BANGKOK, Feb 7 -- Thailand will ask its fellow members in the Association of Southeast Asian Nations (ASEAN) who have large reserves to spend more with an aim to boost the economies within in the regional grouping, Finance Minister Korn Chatikavanij has said.
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Mr. Korn said the request will be made during the Thailand-hosted ASEAN summit February 27-March 1 at Hua Hin beach resort in Prachuap Khiri Kan.
It is quite impossible to depend on consumption from other regions even though economies of the US and Europe could recover, the Thai financed minister said, but their consumption capacity will not be as strong as before.

The Thai government wants to rely on local consumption, aimed at boosting purchasing power, by diverting budget through several programmes including offering Bt2,000 to each jobless people and paying pension fund to aged people, said Mr. Korn.

On the domestic front, he said Thailand — which is now experiencing an economic downturn — should focus on investing in basic infrastructure projects, including a dual track rail transport network and improving the water supply system nationwide.

Prime Minister Abhisit Vejjajiva, now officially visiting Tokyo, could request capital funding for investment in Thailand’s infrastructure from his Japanese counterpart Taro Aso. Investment has been lacking in Thailand in the past as the country has depended heavily on exports by as much as 70 per cent of gross domestic product, Mr. Korn said.

It is appropriate now to focus on investment because oil prices are low which would also bring down operational costs, he said. (TNA)

Reporter : PDN staff   Photo : Internet   Category : Thailand News

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