admitted that curing Thailand's economic "polio" will be
an uphill task.
Mr Somkid likened the economy to a patient
with two legs,
one being exports and investment and the other consumption.
The
disease has eroded exports and investment and at the same
time curbed spending in rural areas.
He said his duty was to concentrate on
curing the disease so
that the two legs could balance, but admitted that time
was
not on his side.
The country has to restructure the economy to maintain the
proper balance between exports and domestic consumption,
he said.
"I believe we can but it will still be difficult," he told a seminar
of National Legislative Assembly members in Pattaya on Saturday.
Thailand's exports have fallen steadily since the start of this year,
reflecting slumping demand from China, which accounts for
about 13% of all Thai shipments abroad.
Because export performance is expressed in US dollar value,
the slowdown also reflects the steady strengthening of the
greenback against most global currencies this year.
The baht has lost nearly 9% of its value since the start of 2015.
Export weakness, which is being experienced by developed
and developing countries alike, has in turn led to a lacklustre
investment climate as businesses are wary of committing to
expansion or new ventures.
The Commerce Ministry last month finally conceded that
exports would not grow this year as it had been insisting for
months, but would contract by about 3%. "The leg for exports
which once was strong now has gout," said Mr Somkid.
The deputy prime minister called for a renewed push to improve
the competitiveness of Thai products in the world market by
revamping the Board of Investment, improving education,
overhauling the bureaucratic system including tax and budget
reforms, and letting the public drive reforms that include
a fight to end corruption.
Mr Somkid recently introduced more measures intended
to bolster spending by people suffering from low farm prices.
They include using the village funds and creating short-term
construction jobs in local communities. As well, low-cost
loans are being made available to small- and medium-sized
enterprises.
The Bank of Thailand had projected Thai economic growth at 3%
this year but indicated on Wednesday that the forecast might
be lowered despite the new efforts to stimulate the economy.
Mr Somkid admitted that he had prepared some ideas for reviving
the economy even before he was named to the cabinet of Prime
Minister Prayut Chan-o-cha last month.
A former deputy premier and finance minister under Thaksin
Shinawatra, he was already serving as an adviser to the junta.
He took over the chief economic strategy position from
MR Pridiyathorn Devakula in the cabinet reshuffle, which
brought new people into most of the posts related to
economic affairs.
Mr Somkid said he would do his best in the time the current
government had left, but that it might not be long enough to
push through all the plans he has.
The current military regime is expected to give way to an
elected administration sometime in mid-2017 if a new
constituition can be successfully drafted and approved in
a public referendum.
News,General,Bangkok Post, 19 September 2015.
The two points ,exports and investment and domestic
consumption that weaken our economic now are related
to the world economic.
If the world economic is up trend,I believe all strategies use
to stimulate the economic will work well.
Believe that Mr Somkid can lead to more strong in Thai
economic in the future.
Sincerely Yours.
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