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NEWS UPDATES 10 July 2010

Thais’ annual income may hit$10,000

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Thai people’s per capita income could substantially rise to 10,000 US dollar a year in 2019, chairman of Bangkok Bank Plc Kosit Panpiamrat told the Bangkok Post on Saturday.

“It is possible that Thais’ annual income could increase from the current US$4,400 per head to the projected level on a condition that there must be no more of political unrest”, Mr. Kosit said.

The banker said his projection was based on the fact that the Thai economy would be boosted by the economic expansion in Asian nations, particularly in China and India.

He said the laying siege to Suvarnabhumi and Don Mueang international airports by the yellow-shirt supporters of the People’s Alliance for Democracy in late 2008 had led to the economic contraction of only 2.2 per cent in 2009.

“But the gross domestic product growth rate for this year could be as high as 6 per- cent or more. Meanwhile, the International Monetary Fund also revised its growth projection for Thailand, increasing it to 7 percent”, Mr Kosit said.

The business sector is a crucial part in boosting the economy but the government must help train the workforces, making them skilled laborers, he said. Advanced technology should also be appropriately utilised, he added.

“If this can be done, it is possible that the per capita income of Thai people could increase by 5,500 US dollar per year”, he said.

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