Abhisit Says Tourism Is the Laggard as Stimulus Revives Thailand's Economy - Bloomberg
Thai Prime Minister Abhisit Vejjajiva said stimulus measures put in place by the government last year have led to a “broad-based and balanced” economic recovery.
“The domestic economy itself is fairly strong,” Abhisit said in an interview with Bloomberg Television. “That’s a response to the stimulus packages we put in place last year.”
Thailand’s economic growth may reach a 15-year high of 7.8 percent in 2010, the finance ministry said on Sept. 27, as exports counter the impact of street violence that killed at least 89 people in April and May.
“The only sector obviously lacking is tourism, which may have been affected by the events of April and May, but even that sector is also recovering well,” Abhisit said from Brussels, where he is attending the Asia Europe Meeting.
Abhisit said policy makers are working to curb any excess volatility in the nation’s foreign-exchange market. The baht has gained 10.3 percent this year to its highest level in 13 years, the second-best performer among Asia’s 10 most-traded currencies.
“We continue to run a current-account surplus, and exports, despite the appreciation of the baht, have continued to remain strong,” Abhisit said. “Obviously it affects the income of exporters in baht terms. We have no policy of setting exchange rate targets. What we try to do of course is to make sure there is no excess volatility.”
“The domestic economy itself is fairly strong,” Abhisit said in an interview with Bloomberg Television. “That’s a response to the stimulus packages we put in place last year.”
Thailand’s economic growth may reach a 15-year high of 7.8 percent in 2010, the finance ministry said on Sept. 27, as exports counter the impact of street violence that killed at least 89 people in April and May.
“The only sector obviously lacking is tourism, which may have been affected by the events of April and May, but even that sector is also recovering well,” Abhisit said from Brussels, where he is attending the Asia Europe Meeting.
Abhisit said policy makers are working to curb any excess volatility in the nation’s foreign-exchange market. The baht has gained 10.3 percent this year to its highest level in 13 years, the second-best performer among Asia’s 10 most-traded currencies.
“We continue to run a current-account surplus, and exports, despite the appreciation of the baht, have continued to remain strong,” Abhisit said. “Obviously it affects the income of exporters in baht terms. We have no policy of setting exchange rate targets. What we try to do of course is to make sure there is no excess volatility.”
