Thai economy won’t re-enter crisis

BANGKOK, Jan 3 – The Thai economy in 2011 will not return to crisis despite impacts from rising oil prices, inflation and higher goods prices as well as effects from the European and US economies, Prime Minister Abhisit Vejjajiva said Monday, voicing confidence in an economic reform plan to reduce inequality and boost national economic capacity.

The prime minister said that Thai economic prospects this year will not return to crisis, but some economic challenges continue as usual.

He explained that the types of economy-related troubles are likely to change, such as fluctuation of oil prices, inflation, and rising consumer goods prices, and warned that the global economy, particularly in Europe and the US, must be closely monitored.

Mr Abhisit said that the ongoing economic slowdown in European countries and the US still shook Thailand’s economic outlook for 2011, but that it will not be hard hitting as three years ago when he took his post as premier.

Amid continued global economic uncertainties, the prime minister projected that the country’s economic recovery can boost Thai economic growth this year without any trouble although the overall economic expansion in 2011 is likely to drop compared to 2010.

Asked how the domestic economy will be administered amid ongoing political difficulties, Mr Abhisit said that the domestic political situation in 2010, which was most difficult politically, can prove that the Thai economy last year had strong economic  fundamentals. He said the government will not let other problems affect economic well-being and financial management.

The prime minister said that the number of tourists visiting Thailand will exceed 15.5 million people.

Meanwhile, the government is set to launch its economic reform scheme by reducing structural inequality in terms of economy and enhancing national economic capacity. In addition, the government plans to improve and support infrastructure and other economy-related sectors including agriculture and the creative economy and promote major industries with production bases in Thailand, such as the automotive and electronic appliance industries.

Regarding tourism, the prime minister said that the government would like to concentrate on quality and services rather that the number of tourists and planned to attract more high-income tourists. (MCOT online news)