Thai economy expands slower over past decade

BANGKOK, March 30 (TNA) - The Thai economy has grown in a slower pace over the past 10 years, compared with other economies in Asia. Sethaput Suthiwart-Narueput, Executive Chairman of the Thailand Future Foundation, told a discussion on Thailand as a new sick man of Asia, organized in Bangkok on Monday, that the Thai economy had expand slowly by about 30 per cent over the past 10 years, compared with 30 per cent in Malaysia, 60 per cent in Indonesia and the Philippines and 70 per cent in Vietnam. Sethaput pointed out that all Thai administrations over the past decade had implemented populist policies which had cost the country nearly 2 trillion baht and weakened the national economy. Consequently, Sethaput said, Thailand could not attract foreign investors well and had been surpassed by neighbouring countries. Pipat Luengnaruemitchai, Assistant Managing Director of Phatra Securities Public Company Limited, cautioned that Thailand would have the biggest population of the elderly in the Association of Southeast Asian Nations (ASEAN) over the next five years, surpassing those in South Korea and Japan. Pipat noted that it would be costly for the Thai government to take care of the elderly, while the country's labour, as well as research and development (R&D) need to be further improved to boost the national competitiveness. (TNA)