Thai DPM:Ongoing political turmoil is short term

BANGKOK, November 11 (TNA) - Deputy Prime Minister and Finance Minister Kittirat Na-Ranong says Thailand's ongoing political turmoil is short term and the national economy will continue expanding, driven mainly by the government's new mega investment projects and domestic tourism. Kittirat made the assessment at a seminar, themed "the future of the Thai economy", in Bangkok on Monday morning, insisting that the Thai economy remains bright in the fourth quarter of this year, as about 740 billion baht in cash is being injected in the domestic market and the Thai government is starting implementing its 2.2-trillion-baht mega infrastructure development projects. Kittirat pointed out that the domestic political strife is a short-term problem, explaining that the government's injection of money for the mega investment before the year-end and the booming domestic tourism during the high season could help the national economy to move forward. Roong Poshyanonda Mallikamas, Director of the Bank of Thailand’s Macro Economic Office, foresaw that the country's gross domestic growth (GDP) should grow by 3.7 per cent on average this year and by 4.8 per cent on average next year, thanks to the global economic recovery, as well as expanding private investment and domestic consumption although ongoing domestic political protests could, somewhat, affect domestic tourism and private investment. Usara Wilaipich, a senior economist at Standard Chartered Bank (Thailand), projected that Thailand’s GDP in 2014 should grow by 5.5 per cent on average, boosted by the Thai government's investment and rebounding world economy, which should also help stimulate Thai exports. Meanwhile, the Stock Exchange of Thailand (SET) index tumbled sharply to 1,384.44 points during the lunch break on Monday, as investors were worried over the domestic political strife and, probably, negative impacts from a ruling later in the day by The Hague-based International Court of Justice (ICJ) on a disputed area adjoining the ancient Preah Vihear Temple along the Thai-Cambodian border. (TNA)