Finance Minister Korn Chatikavanij

Finance Minister Korn Chatikavanij

Finance Minister Korn Chatikavanij on Monday voiced confidence that the Thai economy will begin to recover late this year, despite forecasts by many think tanks that the economy will shrink rather deeply in the wake of riots by anti-government protesters during the recent Songkran Festival.

He said the government sees a need to revise the 2010 expenditures budget since its revenue earned in Fiscal 2009 is expected to be lower than targeted at Bt1.51 trillion, due to the economic recession.

Mr. Korn conceded that many think tanks projections show the Thai economy contracting 4-5 per cent following rioting by anti-government protesters during the Songkran holidays.

However, he believed the economy would yet begin to pick up late this calendar year (but in Fiscal 2010, beginning October 1) on the assumption that the government’s policy to address the economic challenges is implemented efficiently and the private sector is ready to cooperate in dealing with the problems.

Mr. Korn said that next week he will participate in a meeting at the World Bank in Washington, and a Thailand road show in London, to explain an approach to solving the economic problems and internal conflicts to boost foreign investor confidence. (TNA)

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