BOT:Human trafficking has negative impacts on Thailand

BANGKOK, June 23 (TNA) - The Bank of Thailand (BOT) says the fact that the United States has moved Thailand from Tier 2 to Tier 3, its worst group of countries watched for the human trafficking problem, appears to affect national image and reputation and may slow down the national economic recovery to some extent. BOT Governor Prasarn Trairatvorakul made the warning on Monday, suggesting that Thai authorities seriously solve the human trafficking problem in some local industries. Prasarn revealed Thai authorities concerned are explaining the issue to the United States that the problem happened only in some Thai industries, not all. Prasarn noted that the Thai Chamber of Commerce is also explaining the matter to trading partners, especially the United States, by informing them that Thailand has tried to tackle human trafficking and if the explanation was successful, there would not be any impact on local private businesses. The BOT chief cautioned if Thailand faced an economic slowdown, the problem would, therefore significantly affect the national economic growth. The BOT chief acknowledged, however, that it is now too early to assess consequent impacts on Thai exports this year and concerned parties should wait to see if US President Barack Obama would agree with the downward position of Thailand in the US human trafficking watch list, announced last Friday. The BOT governor admitted that Thai exports would grow by less than 4 per cent and the national economy would expand by only about 1.5 per cent this year. Besides, parties concerned need to monitor an upcoming meeting of foreign ministers of 28 European countries who will reportedly consider their countries' relations with Thailand, following a coup staged by the army-led National Council for Peace and Order (NCPO) on May 22, 2014. The BOT governor pointed out that the domestic political situation has not yet returned to a state that the international community fully accepts, and that other countries should better understand Thailand only when the NCPO finished the implementation of its roadmap to restore the normal situation in the country. (TNA)