ID :
58435
Thu, 04/30/2009 - 18:26
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Shortlink :
http://m.oananews.org//node/58435
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PM: Thai public debt may top 60% of GDP; Q1 growth may contract over 5%
BANGKOK, April 30 (TNA) -- Prime Minister Abhisit Vejjajiva said on Thursday that the country’s public debt may exceed 60 per cent of gross domestic product (GDP) before his government is able to solve the economic downturn.
Although the public debt could rise to over 60 per cent of GDP, the public should not panic as foreign countries still have confidence in the Thai economy, he told participants attending the National Economic and Social Council meeting.
His remarks were made after Pongpanu Svetarundra, director-general of the Public Debt Management Office, said earlier this week that Thailand’s public debt at the end of February stood at about Bt3.59 trillion, or 40 per cent of GDP.
Admitting that the Thai economy is now deteriorating badly due to the global financial crisis and political turmoil in Thailand, Mr. Abhisit said the country’s exports and tourism industry have been hit sharply.
Thailand’s growth during the first quarter this year may contract over 5 per cent, he said, adding that fortunately unemployment had lessened while the government continued to monitor the impact closely.
He pledged that his government would quickly provide support to the industrial sector, especially vehicles and using alternative energy, while the government’s second economic stimulus programme requiring investment of Bt1.57 trillion to jump start the economy between 2010 and 2012 could start rolling late this year.
On the social front, Mr. Abhisit said his government would speed up its response to solving the narcotics problem which could have an effect on the fresh spread of HIV-AIDS. However, the government’s efforts could be futile if political unrest persists.
“Some people don’t want to see peace in the country,” Mr. Abhisit said. This is true, and they really are ready to use violence.”
The prime minister said that solving the national problem is his priority.
Anti-government protesters of the United Front for Democracy against Dictatorship (UDD) have stepped up campaigns against the government after they had earlier this month stormed in to the hotel venue in the eastern resort town of Pattaya where members of the Association of Southeast Asian Nations (ASEAN) were hold a summit with dialogue partners, forcing Mr. Abhisit to cancel the meeting on April 11.
Two days later, government security forces clashed with UDD protesters in Bangkok, causing two residents to be shot dead, believed to be by the protesters, while some 130 government forces and protesters injured, including at least 23 soldiers. (TNA)
Although the public debt could rise to over 60 per cent of GDP, the public should not panic as foreign countries still have confidence in the Thai economy, he told participants attending the National Economic and Social Council meeting.
His remarks were made after Pongpanu Svetarundra, director-general of the Public Debt Management Office, said earlier this week that Thailand’s public debt at the end of February stood at about Bt3.59 trillion, or 40 per cent of GDP.
Admitting that the Thai economy is now deteriorating badly due to the global financial crisis and political turmoil in Thailand, Mr. Abhisit said the country’s exports and tourism industry have been hit sharply.
Thailand’s growth during the first quarter this year may contract over 5 per cent, he said, adding that fortunately unemployment had lessened while the government continued to monitor the impact closely.
He pledged that his government would quickly provide support to the industrial sector, especially vehicles and using alternative energy, while the government’s second economic stimulus programme requiring investment of Bt1.57 trillion to jump start the economy between 2010 and 2012 could start rolling late this year.
On the social front, Mr. Abhisit said his government would speed up its response to solving the narcotics problem which could have an effect on the fresh spread of HIV-AIDS. However, the government’s efforts could be futile if political unrest persists.
“Some people don’t want to see peace in the country,” Mr. Abhisit said. This is true, and they really are ready to use violence.”
The prime minister said that solving the national problem is his priority.
Anti-government protesters of the United Front for Democracy against Dictatorship (UDD) have stepped up campaigns against the government after they had earlier this month stormed in to the hotel venue in the eastern resort town of Pattaya where members of the Association of Southeast Asian Nations (ASEAN) were hold a summit with dialogue partners, forcing Mr. Abhisit to cancel the meeting on April 11.
Two days later, government security forces clashed with UDD protesters in Bangkok, causing two residents to be shot dead, believed to be by the protesters, while some 130 government forces and protesters injured, including at least 23 soldiers. (TNA)
