Thailand should reduce reliance on exports, says banker

BANGKOK, July 30 (TNA) – Thailand should reduce its reliance on exports for economic growth since the export sector will continue to take the brunt of the global economic meltdown, according to a top Thai banker.

Bangkok Bank’s Chairman of the Board of Executive Directors Kosit Punpiumrat said the global economic crisis would still affect Thailand’s export sector as the structure of consumption by people in the United States and Europe remains in trouble.

Because of this, Thailand should decrease its exports in proportion to the gross domestic product (GDP).

State investment should be used to stimulate the economy only for a while and the private sector should be encouraged to turn to play an active role in boosting the economy, he said.

Kosit said the small- and medium-size enterprises (SMEs) will still experience difficulties in adjusting themselves to the economic situation in the second half of this year.

SMEs which successfully adjust in relation to the changing wider economic conditions will be able to operate their businesses smoothly while those, who just only adjust their own operations without assessing the wider economic scene will take more time to recover.

Kosai said that BBL is ready to give assistance to its clients needing financial liquidity in the current circumstances. (TNA)