PM confident economy will re-enter the black late this year

Prime Minister Abhisit Vejjajiva on Thursday expressed confidence that the Thai economy would recover from its current contraction, turn around and become positive late this year or early next year.
He said the ongoing global economic crisis has affected trade, finance and investment activities.
Under the circumstances, entrepreneurs must adjust their role in preparation for increased fluctuations in the global economy.
Admitting that the global economic woes have impacted Thailand’s trade with superpower economies, he said the situation resulted in exports contracting during the first half of this year and tourism experiencing sluggishness.
However, the shrinkage in Thailand’s exports was less than that of its neighbors because the country has strong fundamentals and has managed to adapt to the changing economic situation.
Abhisit said all state agencies concerned have attempted to address the difficulties that exporters and tour operators are experiencing.
Although trade with key export destinations remains sluggish, he believes Thailand has the ability to find new markets.
In addition, he said, Thailand has an advantage over other countries, particularly in areas of agriculture, industry, textiles and precious stones.
As a result, the prime minister is confident the economy will recover and turn from the current negative territory to return to the positive zone late this year or next year. (TNA)

PM calls on private sector to help restore the economy

Prime Minister Abhisit Vejjajiva on Friday called on the private sector to help restore the economy, saying it has a significant role in developing Thailand’s economy to ensure sustainable growth.
Delivering a keynote speech on “The Economic Stimulus Package: How Businesspersons Can Give Assistance,” he said that Thailand’s current economic crisis is different from the crisis of 1997 because it stemmed from external factors, not local financial problems as in the past.
The government has monitored and supervised the crisis and come up with multi-level measures to curb possible impacts and strengthen the economy.
He conceded the immediate situation his government is facing now remains unabated. But there are some signs economic problems have begun to ease and unemployment has dropped.
Abhisit said he wants to seek private-sector cooperation to help shore up the economic situation because he was informed that some groups of people would attempt to instigate unrest in June.
He said, should the bill authorizing the Ministry of Finance to seek Bt400 billion in loans to help restore economic stability this year win approval, the government will apply the funds to invest in a schedule of critical projects.
It is expected the projects would create up to 1.5-2 million jobs and boost competition in the economic, education and public health sectors, he said. (TNA)