ID :
51871
Mon, 03/23/2009 - 20:36
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http://m.oananews.org//node/51871
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Finance Ministry revises economic projection to 3% shrinkage
BANGKOK, March 23 (TNA) - As the global economy continues to contract, Thailand’s Ministry of Finance has further revised its national economic projections even lower, to shrink three per cent this year, lowered again from its earlier projection of a zero to two per cent contraction, Finance Minister Korn Chatikavanij said on Monday.
Mr. Korn told the House of Representatives earlier that the world economy is in bad shape now and if the government just sits idle, the country’s gross domestic product (GDP) could contract as much as 8-9 per cent and the number of unemployed could soar to two million later this year.
The government is working hard to hold up GDP, he said, but it could still contract as much as a further 5 per cent if exports fall sharply.
Mr. Korn said the main task for the government is to tighten its budget spending, as 80 per cent of total spending is fixed, such as civil servant salaries.
The government must prepare a deficit budget to have enough cash to stimulate the economy, he said. It must borrow from multiple sources on the condition that borrowing must take place within financial discipline. (TNA)
Mr. Korn told the House of Representatives earlier that the world economy is in bad shape now and if the government just sits idle, the country’s gross domestic product (GDP) could contract as much as 8-9 per cent and the number of unemployed could soar to two million later this year.
The government is working hard to hold up GDP, he said, but it could still contract as much as a further 5 per cent if exports fall sharply.
Mr. Korn said the main task for the government is to tighten its budget spending, as 80 per cent of total spending is fixed, such as civil servant salaries.
The government must prepare a deficit budget to have enough cash to stimulate the economy, he said. It must borrow from multiple sources on the condition that borrowing must take place within financial discipline. (TNA)
