Dubai’s crisis will not tug Thai economy down

BANGKOK, 27 November 2009 (NNT) – The Minister of Finance insists the bubble economic crisis in Dubai will not affect Thailand’s recovering economy and is unlikely to involve Thailand’s new export markets in the Middle East.

Speaking on the latest problematic debt repayment case of the Dubai World Company the Minister of Finance, Mr Korn Chatikavanij, said the underlying bubble crisis in Dubai would not affect Thailand’s improving economy. He said Dubai had encountered the predicament for quite a long time. Its circumstance is, however, rather different from what had happened in Asia 10 years ago.

Mr Korn pointed out that the indices in Thailand’s real estate sector and stock market showed no signs towards bubble economy. The real estate situation is at norm while the stock prices in the market topped up 60% from the beginning of this year, corresponding to the registered companies’ profits. He said that judging from his recent visit to Qatar, which is one of the emerging markets for Thai exports, the problem has not yet affected the country as its economy is still robust.