Finance Minister: political turmoil, interest rate hike won’t affect GDP growth

August 28th, 2008 - 12:59 pm ICT by Amrit Rashmisrisethi  

Deputy Prime Minister and Minister of Finance Surapong Suebwonglee indicates that Thailand’s political situation and the Monetary Policy Committee’s interest rate modification will not affect the nation’s expected gross domestic product (GDP) growth of 6 percent.

Despite the political turmoil and recent interest rate adjustment, Mr. Surapong says the Thai economy won’t be hurt as oil prices in the kingdom has gradually decreased and the Government is ready to allocate fiscal budget in an effort to stimulate the economy.

Mr. Surapong says as soon as the political crisis is alleviated, Thailand will regain investors’ confidence and the overall economy will improve.

In spite of the Finance Ministry’s and Monetary Policy Committee’s conflicting views regarding interest rate modification, Mr. Surapong says he respects the decision of the committee and believes that the committee has deliberated and prioritized the importance of investors’ needs.

Mr. Surapong expresses his confidence that the committee’s decision to increase interest rate will not slow down the economy in the 2nd half of 2008 and not affect the currency exchange system in Thailand. He says the Thai baht currency at the moment has been moving in line with regional currency trade.

Source : National News Bureau, Public Relations Department of Thailand

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