ID :
204525
Wed, 08/31/2011 - 07:06
Auther :
Shortlink :
http://m.oananews.org//node/204525
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Thailand's export growth likely to slow down in 2012
BANGKOK, August 31 (TNA) - New Thai Deputy Prime Minister Kittirat Na-Ranong has cautioned that the country's export growth is likely to slow down next year, in accordance with the global economic downturn caused by the ongoing debt crisis in the United States and Europe.
Kittirat, who oversees economic affairs, told a business seminar in Bangkok on Tuesday that the slowdown in Thailand's export growth in 2012 is believed to be mainly caused by the weakening purchasing power in the country's major trading partners and a minimum wage hike to 300 baht per day, and that a meeting of the Joint Public and Private Commission will soon be called to discuss the vulnerable world economy next year.
Kittirat, who is also newly-appointed Thai Commerce Minister, urged the local private sector to, in the meantime, improve their productivity and to closely work with the Thai government to eliminate trade and investment barriers; while cooperating with the new Phue Thai Party-led administration in raising their daily minimum wages to the 300-baht benchmark.
The Thai commerce minister said that his ministry's Department of Internal Trade will closely work with the local private sector to monitor products' prices, noting, however, that a drop in fuel prices currently will lead to reduced costs of production for local business operators and reduced prices of goods for local consumers.
Meanwhile, Thanit Sorat, Deputy Chairman of the Federation of Thai Industries (FTI), assessed that the United States would not face an economic recession next year, acknowledging that Thai exports have now more relied on regional markets, namely China, Japan and the Association of Southeast Asian Nations (ASEAN), while having reduced its reliance on the major US and the European markets by 10.7 and 9.6 per cent respectively. (TNA)
Kittirat, who oversees economic affairs, told a business seminar in Bangkok on Tuesday that the slowdown in Thailand's export growth in 2012 is believed to be mainly caused by the weakening purchasing power in the country's major trading partners and a minimum wage hike to 300 baht per day, and that a meeting of the Joint Public and Private Commission will soon be called to discuss the vulnerable world economy next year.
Kittirat, who is also newly-appointed Thai Commerce Minister, urged the local private sector to, in the meantime, improve their productivity and to closely work with the Thai government to eliminate trade and investment barriers; while cooperating with the new Phue Thai Party-led administration in raising their daily minimum wages to the 300-baht benchmark.
The Thai commerce minister said that his ministry's Department of Internal Trade will closely work with the local private sector to monitor products' prices, noting, however, that a drop in fuel prices currently will lead to reduced costs of production for local business operators and reduced prices of goods for local consumers.
Meanwhile, Thanit Sorat, Deputy Chairman of the Federation of Thai Industries (FTI), assessed that the United States would not face an economic recession next year, acknowledging that Thai exports have now more relied on regional markets, namely China, Japan and the Association of Southeast Asian Nations (ASEAN), while having reduced its reliance on the major US and the European markets by 10.7 and 9.6 per cent respectively. (TNA)
