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11 May 2010 | By: Mohamed Hairul Borhan
Thailand’s economic fundamentals remains solid despite the ongoing political unrest and the economy continues to recover, said Tarisa Wattanagase, Governor for the Bank of Thailand (BOT).
She also said that the ongoing debt crisis in Europe would not have much impact on the Thai economy, which is currently on a rebound due to an expansion in the export sector and improvements in investment, consumption and employment.
Ms Tarisa was speaking at the opening ceremony of the 10th Money Expo in Thailand, which was attended by more than 200 financial institutions.
In her speech, she said that she was convinced that the political tension is on the wane after the reconciliation roadmap proposed by the Thai prime minister, and this would in turn help to restore confidence in the private sector.
Analysts felt the roadmap is a credible solution to the ongoing political unrest and believed that it would have a positive impact on the economy.
Ms Tarisa also wanted financial institutions to play a bigger part in boosting the country’s economy, which had recently seen its tourism sector hit hard by a spate of demonstrations in the capital Bangkok.
She hoped that the Money Expo would help create confidence in Thailand’s financial system and boost the economy. A total of 130 billion baht (S$5.56 billion*) worth of business transactions were concluded during last year’s expo.
*Exchange rate correct as at 11 May 2010
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