07/18/2012, 00.00
THAILAND
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Global economic crisis worrying Thailand

by Weena Kovidhavanij
Oscillations of the Thai currency, unemployment and prices of fuels and resources are the risk factors to be monitored. Economic analysts point to positive recovery after 2011floods. GDP growth of 4.5%, which in 2013 could rise to 5%.

Bangkok (AsiaNews) - Keeping the currency under control, reducing unemployment and maintaining stable prices for fuel and resources: these are the keys to preserving Thailand from the global economic crisis, according to Kitirat Na Ranong, the Thai Finance Minister.  The minister admits "concern about what is happening in Europe," especially "for the possible impact on our nation. Though the European leaders of major countries has determined on how to solve the problems it is necessary that Thailand should set up ways to cope with the problem. "

Between May and June, unemployment levels remained fairly high, also due to recently graduated university students swelling the ranks of jobseekers. According to national research, the jobs available on the market do not correspond to the graduates' qualifications. To address this question, the Ministry of Finance has passed the ball on to the Ministries of Labor, Industry and Education.

In terms of economic growth, Somchai Sjjapong, director of fiscal policies of the Bank of Thailand, notes that "in the first quarter of 2012, there was a growth of just under 2%, after dropping to -9% in 'last quarter of 2011 due to floods. " For this reason, according to analyst the problems associated with a dry season, gasoline prices in the global market and economic crises of the various countries "are factors to be monitored as they may have repercussions on the Thai GDP."

Nevertheless, GDP has registered a growth of 4.5%, which should reach 5% next year. To support this positive trend, says Kiriya Paopijit, economist for Southeast Asia at the World Bank, "it is essential that Thailand focus on exports." With these, he adds, "the revenue should be 16.8% of GDP, expenditure by 22.8%, with a public debt 42.1%."

 

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