Commerce Ministry: Thai economy still strong despite impact from the US and Europe

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BANGKOK, 27 September 2011 -Deputy Prime Minister and Commerce Minister Kittirat Na Ranong said he was confident that Asian economy was strong despite economic turmoils in the United States and Europe.

According to Mr. Kittirat, even though the economic crisis in Europe has affected the economy of the Asian region but several countries had adapted well to it that the impact was minimal.

Based on his own observation, Asian countries have now relied on one another for economic prosperity; therefore, it is also important that Thailand should focus on its own domestic consumption to drive the economy forward.

Meanwhile, the Commerce Ministry added that the Cabinet had approved the framework to help farmers who lost their crops to floods and would likely not have their rice to enter the income guarantee or the rice pledging schemes from 7 October 2011.

Details on how the government will assist troubled farmers will be revealed tomorrow. In addition, Mr. Kittirat said the Cabinet had not decided whether to extend the day in which farmers could mortgage their rice from 29 February to 31 March, 2012 given that numerous farmlands remained inundated.