BOT: Thai economy not affected by EU downgrade of ties


BANGKOK, 4 July 2014 – The Bank of Thailand (BOT) has assured the public that the kingdom’s economy will not be affected by the European Union’s recent downgrade of ties. 

BOT Governor Prasarn Trairatworakul said that Thailand’s exports are currently not impacted by the EU’s response to the coup, as the bloc did not boycott Thai goods. The EU has earlier stated that measures taken by the EU are not sanctions.

He elaborated that if the EU intends to impose sanctions against Thailand, only a number of sectors will be affected. Thailand’s total exports to the region are not considered as high as those exported to other markets.

In addition to the announcement of a coup, Thailand’s reputation has also suffered from accusations of slavery in the fishing industry. Private and public sectors have been clarifying any misconceptions to the international community to prevent Thai products from being tarnished by the human trafficking allegations.