Former Deputy PM: Thai economy will not recover this year

BANGKOK, 31 July 2009 (NNT) – Former Deputy Prime Minister Veerapong Ramangkul believes the national economy in the third and fourth quarters will remain in negative territory. His economic outlook contradicts the Government’s forecast that the economy will recover as soon as the next quarter.

During a seminar organized by a former executive of the now defunct Thai Rak Thai party, Khunying Sudarat Keyuraphan, Mr Veerapong said there had been no signs of economic recovery in Thailand, citing the declining national exports and agricultural product prices. He added that the nation’s political problems and the influenza A (H1N1) outbreak exacerbated the tourism sector which was the country’s main source of income.

Mr Veerapong said further that the Thai economy had not yet hit rock bottom and criticized that the Government gave less priority to the economic downturn. He said the Government spent 80% of its efforts on tackling the political problem and predicted that the economy in the latter half of the year and the first half of 2010 would worsen.