BANGKOK, Sept 23 Thailand’s former UN Conference on Trade and Development (UNCTAD) chief Dr Supachai Panitchpakdi pointed out that the Thai economy was still unable to depend on exports this year.
He advised farmers to turn from the second rice crop to other crops that give higher returns.
Speaking on ‘New Challenges for Thailand in the New Era of Global Trade and Investment’ in Bangkok this morning, Dr Supachai said that exports could not support the Thai economy this year. Consumption can, he thinks, but to a limited extent.
Confidence, industries and investment could grow in the country if political situations settled and the government implemented its policies.
Dr Supachai also said it is time for Thailand to cut its second rice crop and turn to other crops which bring better prices.
Considerable quantities of water was used to produce low-quality rice, he said, advising growing cassava for ethanol production as a substitute.
Thanavath Phonvichai, director of Thai Chamber of Commerce University’s Economic and Business Forecasting Centre, commented that government measures to cut farmers’ production costs and taxation on the poor would not stimulate the national economy immediately. He thinks that timely government spending and investment will more quickly stimulate the national economy.
