ID :
342302
Tue, 09/23/2014 - 16:38
Auther :

Consumption, investment can stimulate Thai economy

BANGKOK, September 23 (TNA) - Former secretary-general of the UN Conference on Trade and Development (UNCTAD)Supachai Panitchpakdi has suggested that Thailand rely on domestic consumption and investment to stimulate the national economy this year, instead of exports. During his speech on New Challenges for Thailand in the New Era of Global Trade and Investment, held in Bangkok on Tuesday, Supachai assessed that exports could not support the Thai economy this year, but domestic consumption could at a limited extent. Supachai, who is a former Thai deputy prime minister and commerce minister, pointed out that confidence in Thai industries and investment could grow if the domestic political situation settled and the government implemented policies presented to the National Legislative Assembly (NLA). Supachai also recommended it is time for Thailand to cut its second rice crop and turn to other plants which earn them higher income, explaining that Thailand has used considerable water for the annual second-round rice production but with low-quality grains. The former UNCTAD chief proposed the growing of cassava for ethanol production, instead. Meanwhile, Thanawat Polvichai, Director of Bangkok-based University of the Thai Chamber of Commerce's economic and business forecasting center, foresaw that government measures to cut farmers' production costs and taxation on low income people would not stimulate the national economy immediately, but quick government spending and investment would faster boost the national economic growth. (TNA)

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