Thai economy to withstand Dubai crisis

BANGKOK, 29 November 2009 (NNT) – The economic team of the ruling Democrat Party is confident that the Thai economy will be able to endure pressures from the current Dubai economic turbulence.

The Dubai World, the city-state’s main investment arm, has been seeking to delay debt payments at 59 billion USD or 2.1 trillion THB since 26 November 2009. This has greatly affected confidence of investors worldwide.

Democrat Spokesperson, MD Buranaj Smutharaks, expressed confidence that the national economy would be able to stand up to the pressures based on the evaluation of the economic team of the party.

He cited three reasons which are consistent implementation of the Strong Thailand scheme throughout 2009-2012, the government policy to reduce export dependency and focus more on trade and investments by the government sector, and the importance Thailand gives to ASEAN Economic Community establishment.

MD Buranaj deemed that those factors would speed up the national production and would cushion the global economic fluctuations.