NESAC deputy chairman says economy may slightly drop next year

November 22nd, 2007 - 4:51 pm ICT by admin  

Deputy Chairman of the National Economic and Social Advisory Council (NESAC), Vorapol Socatiyanurak (วรพล โสคติยานุรักษ์), says the economy may lag behind slightly next year but a clearer political situation can help shed light onto it.

The deputy chairman states that the overall economic growth next year depends largely on the export sector, which accounts for 50% of the country’s GDP. Factors contributing to the economic slow down include oil price hikes in China and the European Union in addition to the repercussions to the US sub-prime mortgage crisis.

Mr Vorapol adds that the economy of many countries have a tendency to decrease and suggests Thailand to adjust strategies to boost the export sector. He says the country needs to expand markets in foreign countries as export plays an important role in Thailand’s economy.

The deputy chairman says further that political stability will stimulate the private sector and domestic consumption and expresses his confidence that next year’s economy will grow by 5%.

Source : National News Bureau Public Relations Department of the Thai Government

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