Central Bank’s Prasarn says so many things wrong with Thailand & shows one way how to fix it

Stages of Economic Growth with savings and inv...

Stages of Economic Growth with savings and investment (Photo credit: Wikipedia)

A long known fierce critic of Yingluck‘s economic policy, Thai Central Bank governor, Prasarn, have again thrown his weight in support of Yingluck’s infrastructure spending. Prasarn, earlier, told local press that he supports Yingluck infrastructure spending. Prasarn’s word, comes as the elite establishment, to which Prasarn is a part of, is trying to stop the infrastructure borrowing. Xinhua rteports, “The Bank of Thailand (BoT) on Thursday urged the government to elevate Thailand’s infrastructure so as to improve the country’s cost of living standard and competitive edge. BoT Governor Prasarn Trairatvorakul said Thailand’s economic infrastructure, the contributing element to sustainable economic growth, is volatile in light of weakened economic growth, which has fallen from 9 percent before the 1997 economic crisis to 4 percent at present. Per capita income has been maintained at 15 to 20 percent of the U.S. rate, representing an unimproved cost of living standard compared to that of neighbouring countries like Malaysia and South Korea, he said, indicating that the problems were due to wide income gaps and diminishing competitiveness. Thailand’s major challenges are political instability, corruption, a lack of preparedness in technology and education while monetary and financial policies were too restrictive to boost the country’s economy, he said. The government must improve production capability and efficiency to cope with negative factors and sporadic volatile impact if it wants to boost Thailand’s economy, he added. (Source)

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