Fri, 30 Mar 07
Thailand's benchmark interest rate must be lowered to encourage consumer spending and spur the slowing economy, reports Bloomberg...
Finance Minister Chalongphob Sussangkarn observed: Everybody knows that interest rates will go down. People have stopped buying consumer durables, sales of cars have gone down, housing loans have gone down.
In an interview in
The International Monetary Fund cut its growth forecast for
Urgent need to restore consumer confidence
Aathira Prasad, a Singapore-based economist at DBS Group Holdings Lt said: The finance minister's most urgent tasks are to restore confidence and get people to spend money. There is a lot of uncertainty about how everything is going to pan out, and people are not willing to spend.
The IMF cut
Tighter laws on foreign ownership.
The economy is facing a confidence crisis, said Thanavath Phonvichai, an economist at
Among other measures, Chalongphob also proposed tighter laws on foreign ownership will probably be weakened as previously suggested amendments are too extreme. Amendments to the Foreign Business Act are being reviewed by Cabinet.
Back to: News Index