BANGKOK, 21 August 2012 – The Strategic Committee for Reconstruction and Future Development, National Economic and Social Development Board (NESDB), has revealed that the European economy will take some time before it recovers, and has urged Thailand to keep an eye on China as it is trying to promote domestic consumption in the country, which will bode well for the Thai economy.
During the speech delivered on the 92nd anniversary of the Commerce Ministry under the topic of “Economic Turning Point, What Should Thailand Do?”, Chairman of the Strategic Committee for Reconstruction and Future Development Dr. Veerapong Ramangkul said Thailand has to liberalize trades as the Thai private sector’s production capacity exceeds domestic demand, and Thailand’s commercial value accounts for 1 percent of the world’s commercial trade value. This is to help cushion theThai economy due to the fact that the USA and the European Union,Thailand’s main trading partners, are facing an economic crisis.
Mr. Veerapong added that China will soon have to speedily increase its domestic consumption and accelerate the government spending in order to compensate for a slowdown in its exports. China has the ability to trigger its economy, because it has plenty of reserves and investment diversification in many countries. This will have a positive impact on the Thai economy as she will greatly benefit from trading with China, given Thailand is considered a gateway to the ASEAN nations.