Economic Cabinet to meet on EU crisis

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BANGKOK, 26 June 2012  – The Cabinet has approved the forming of three working groups to be responsible for making daily and weekly economic updates on the effects of the Eurozone crisis. in addition, the economic ministers will meet on Wednesday to discuss preparations for the economic slump. According to Deputy Government Spokesman Anusorn Eiamsa-ard, during today’s cabinet meeting, Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong expressed his concerns over the EU economic crisis in light of Moody’s downgrading of many banks worldwide and its possible effects on Thai economy.

The meeting of the economic cabinet comprising ministers of nine economy-related ministries will take place tomorrow to brainstorm ways to tackle the Eurozone crisis.

Economic updates by the three working groups will focus on both direct and indirect effects of the crisis on Thai exports which have reportedly shrunk by 3.5%