voyager1970 » 09 авг 2008, 01:46
Deputy Minister of Finance supports reducing interest rates, devaluing Thai Baht, and increasing government spending
source: PRD Aug 8 2008
The newly appointed Deputy Minister of Finance, Mr. Suchart Thadadamrongwej (สุชาติ ธาดาธำรงค์เวช), backed proposals to reduce interest rates, devaluate the Baht currency, and expedite government spendings in order to solve Thailand's economic problems.
Mr. Suchart spoke during a seminar entitled "Crisis Choices for Survival" that Thailand is unable to develop progressively due to the current political situation, low investors' confidence, an economic slump, high oil and food prices, high inflation rates, and the sub-prime real estate market situation in the United States. The deputy minister said that increasing interest rates in the nation will not address these problems, therefore interest rates should be reduced.
Mr. Suchart said that reducing interest rates to 2 percent will stimulate investment among the private sector, and devaluing the Thai Baht to 35 to 36 Baht per dollar will promote exports. He said the the government should also increase spendings in order to distribute capital throughout the nation. Through these measures, the deputy minister believes that domestic employment will increase
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