Thai Economy Not In Crisis

By Piyarat Nisangkard BANGKOK, Aug 28 (Bernama) -- Thailand's economy is not in crisis as profits of listed companies remained strong, said new Deputy Prime Minister (Economic and Economic Affairs), Somkid Jatusripitak. He said Thailand faced a growth slowdown now but it was due to lack of catalysts and confidence and not a crisis. "This is in contrast to the situation in 1997 when many banks, financial institutions and businesses were forced to close down," he said in his speech on "Economic Policy and Thailand Direction" to business decision-makers here today. He said in the past, the country's growth was led by exports but problems faced by the present global markets had affected the sector now. "The local economy is weak and small in size and should not be this way. Somkid said the lower prices of key agricultural products, such as rice and rubber, had affected the purchasing power of farmers while the small and medium enterprises also felt the impact due to stricter requirements for loans from commercial banks. --BERNAMA