BANGKOK, 16 October 2013 – The special cabinet meeting on Wednesday instructed the Ministry of Commerce to find new markets and the Ministry of Finance to closely monitor the country’s economy as the U.S.’ debt crisis looms.
The meeting agreed that the crisis could have slight effects on the overall Thai economy but warned that the export sector might feel a direct impact. The meeting, therefore, asked the Commerce Ministry to search for new markets and the Ministry of Finance and the Bank of Thailand to keep a close watch on the Thai economic situation, especially capital flows.
Over two-billion-baht capital has lately flowed into Thailand, posing threats to the Thai currency.
Energy Minister Pongsak Raktaphongpaisarn said the U.S.’ move to solve its debt and budget problems would likely be effective. The budget row between the two political parties in the U.S. might not affect the country’s ability to service its debt given the issues of conflict seemed to decrease, Mr Pongsak said. The current global oil price rise was expected to be short-lived and nothing to be overly concerned with, he added.
