Thai industries urge govt to prepare for economic slowdown
Thai industries have urged the government to better prepare for an economic slowdown and have presented it with a plan to guard against financial turmoil, the country's finance minister said on Friday.
By Agencies |
BANGKOK: Thai industries have urged the government to better prepare for an economic slowdown and have presented it with a plan to guard against financial turmoil, the country's finance minister said on Friday.
Measures include better supervision of the financial sector, new methods for setting interest rates and investment stimulation packages at home and abroad, he said.
"The (Federation of Thai Industry) proposed its suggestions for the finance ministry to consider. They aim to help resolve the problems of an economic slowdown," Finance Minister Suchart Thada-Thamrongvech told reporters following his meeting federation representatives.
Suchart said the meeting was aimed at building cooperation between the government and private sector.
"But the government has to have a further meeting to consider the suggestion," he added.
The eight-point action plan also includes measures to restore consumer confidence, lower business taxes and grant import tax exemptions for eco-friendly goods.
FTI president Santi Vilassakdanont said the luxury market was most likely to be hit by a faltering economy.
"Next year, our exports, particularly luxurious goods, are most likely to be affected by a slowdown in the global
economy," Santi said.
Thailand's economy has already suffered political turmoil in the past few months after protestors rallied outside Government House in May before occupying the grounds and setting up a camp in August.
Measures include better supervision of the financial sector, new methods for setting interest rates and investment stimulation packages at home and abroad, he said.
"The (Federation of Thai Industry) proposed its suggestions for the finance ministry to consider. They aim to help resolve the problems of an economic slowdown," Finance Minister Suchart Thada-Thamrongvech told reporters following his meeting federation representatives.
Suchart said the meeting was aimed at building cooperation between the government and private sector.
"But the government has to have a further meeting to consider the suggestion," he added.
The eight-point action plan also includes measures to restore consumer confidence, lower business taxes and grant import tax exemptions for eco-friendly goods.
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FTI president Santi Vilassakdanont said the luxury market was most likely to be hit by a faltering economy.
"Next year, our exports, particularly luxurious goods, are most likely to be affected by a slowdown in the global
economy," Santi said.
Thailand's economy has already suffered political turmoil in the past few months after protestors rallied outside Government House in May before occupying the grounds and setting up a camp in August.
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The country's tourism industry was also hit following a state of emergency that was imposed across Bangkok for two weeks during the demonstration.Download
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