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Thailand Finance minister still upbeat on economy


November 14, 2007

Thailand : Economy
Finance minister still upbeat on economy

Finance Minister Chalongphob Susangkarn on Monday expressed confidence that the Thai economy will grow 4.5 per cent this year and 5 per cent as targeted next year despite the unavoidable impact of continued oil price rises.

He said the monetary policy adopted at present could control the core inflation rate in a set range of 0-3.5 per cent for another six months although fuel prices continued to rise.
So, it is unnecessary to adopt a strict monetary policy for the time being.

Dr. Chalongphob believed fuel prices are set to reduce on the global economic slowdown due to the sub-prime mortgage woes in the US.

Deputy Prime Minister and Industry Minister Kosit Panpiemras shrugged off mounting concerns over higher inflation rates due to the oil price hike, saying he believed the Energy Ministry had enough tools to help reduce impacts of the rising fuel prices.

He said the problem would not have adverse impacts on the overall economy this year. But should the oil prices continue to stay high for long, it would have impacts next year.

Pakorn Malakul na Ayudhaya, chairman of the Stock Exchange of Thailand (SET), expressed concern that inflation rates would surge due to the higher cost of living.

The rising inflation would put the Monetary Policy Committee under pressure of implementing the financial policy.

He believed the Bank of Thailand would closely monitor the situation.

Courtesy Etna

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