Thai economy to grow at accelerating rate this year

BANGKOK, Jan 14 (TNA) – The Thai economy is expected to grow at an accelerating rate this year if the prolonged political conflicts ease, according to a top banker.

Bantoon Lamsam, Kasikornbank’s chief executive officer, said the political development is considered a key factor to Thailand’s economic growth in 2010.

“Should the ongoing political disturbance ease, investment will pick up. But if not, foreign investors and tourists will feel uncertain. So, the political malaise must be addressed urgently,” he said.

Mr Bantoon noted Thailand’s economic fundamentals are actually strong and financial institutions enjoy a very sound position. As well, the country is seen an attractive investment spot and an ideal tourist destination.

So, unless there are obstacles, the economy should develop automatically based on the country’s basic infrastructure.

However, it could not be denied that the political unrest in Thailand continued unabated. It is a daunting task the government must cope with.

Regarding the Map Ta Phut Industrial Estate problem, he said, the government must step up effort to find a way out urgently. It had to focus on balancing the economic development with the improvement to the community and environmental health.

Asked to comment on the Japan External Trade Organization (JETRO)’s downgrading of Thailand’s attractiveness for investment, he said the JETRO chairman had just made a threatening remark in order to accelerate the government’s coping with the problem. (TNA)