BANGKOK, 4 September 2012 – The University of the Thai Chamber of Commerce (UTCC) has urged the government to emphasize on border trade as Thailand is likely to be affected by the world economic crisis.
Dr. Thanawat Polvichai, Director of the UTCC’s Centre for Economic and Business Forecasting, has stated that the world economy is likely to worsen as the Euro-zone debt crisis has shown no sign of recovery, coupled with the slowdown in Chinese, Japanese, and US economies. He therefore has urged the government and entrepreneurs to rely more on border trade as it will help trigger the Thai economy.
The Director added that Thailand will have to face an inevitable impact from the domino effect of the world economic downturn, saying the European economy seems to have worsened which has resulted in the slowdown in US and Chinese economy, while Japan has been hit hard by the devastating tsunami. All of these risk factors have put Thailand in a bad position. Therefore, Dr. Thanawat is urging Thai SMEs to take advantage of border trades with ASEAN members instead of worrying about the world economic situation.