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Thai Economic Experts Say It's Wise to Prepare for the Worst.
Jan. 7--Most pundits say that a global economic recovery is only a few months away. Led by the United States, countries have loosened monetary policy and increased fiscal spending to jump-start growth.
But participants in a recent Bangkok Post roundtable on economic prospects for 2002 agreed that while hoping for the best, action was needed to prepare for the worst. Avoiding future crises and marginalisation in global markets also meant that firm steps to improve the country's productivity and competitiveness were needed now.
In the first three quarters of 2001, economic trends pointed to a clear decline, said Arkhom Tempittayapaisith, the assistant secretary-general of the National Economic and Social Development Board. The NESDB projected overall growth of 1.5 percent for 2001, implying that fourth-quarter growth stood at just 0.8 percent year-on-year.
Thailand's diversified export base allowed the country to cope better with the collapse in global IT investment than Malaysia, Singapore, South Korea and Taiwan, all countries with a greater focus on electronics, he said.
"But while ...
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Source: HighBeam Research, Thai Economic Experts Say It's Wise to Prepare for the Worst.