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Pattaya Daily News

01 October 2008 :: 13:10:06 pm 41747

Us Financial Crisis to Dampen Exports Next Year, Says Fti Chief

BANGKOK, Oct 1 - Federation of Thai Industries (FTI) chairman Santi Vilassakdanont on Tuesday voiced concern that the financial turmoil in the United States will affect Thailand‘s exports next year.
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He predicted the US government will propose a revised financial bailout plan to the Congress for consideration on October 2 following the US lawmakers rejection of a US$700 billion emergency bailout scheme on Monday.

Mr. Santi said he believed the revised plan would win Congressional approval so that it can be implemented to revive the ailing US economy.

However, should the plan be rejected again, it would have a direct negative impact on the US economy, particularly on its troubled banks and financial institutions.

The FTI chief said he fears the situation will have a ‘domino effect’ on economies of other countries, including Europe and Japan which will cause a global economic recession in the last quarter of this year, extending into next year.

Since Thailand’s three main export destinations are experiencing economic problems, he said, it is expected that forward purchase orders for products will decline.

He believed the number of purchase orders for this year would remain satisfactory.

But next year, orders will definitely decline because people in the countries hit by the sub-prime lending crisis would reduce spending on luxury goods.

Under the circumstances, competition in international trade will intensify next year with trade rivals opting to adopt price-cutting strategies.

Mr. Santi said he wanted to call on the deputy prime minister in charge of economic affairs to work together with economic ministers as a team to cope with possible repercussions from the US financial meltdown. (TNA)

Reporter : PDN staff   Photo : Internet   Category : Thailand News

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