Korn: Balance needed in driving econ forward

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Finance Minister Korn Chatikavanij has stressed that balance is needed in driving the economy forward in order to achieve a sustainable growth, as development must be implemented in all aspects simultaneously.

Speaking in an economic seminar, Korn elaborated that all countries wanting sustainable economic expansion must promote education at the same time as developing infrastructural systems such as roads, irrigation and logistics.

The minister added that they must raise their competitiveness in trade and investment in the global market while domestic competition must also be transparent.

Finance Minister Korn Chatikavanij Finance Minister Korn Chatikavanij

Apart from the four basic factors, Korn suggested that domestic balance is also necessary by providing people with equal and fair access to natural resources, and enhancing the cultural balance in society whilst maintaining national identity.

The minister pointed out that at present there still are discrepancies in Thai people’s income, as only 2.5 million people out of the 9 million eligible tax payers are paying tax. Only 18,000 people in the former group are paying more than four million baht in personal income tax. Their tax figures combined is higher than the combined amount of tax paid by half of the population. This reflected income discrepancies that must be tackled, he said. (NNT)