October 25th, 2008, 10:35
Thai bankers were congratulating themselves recently on having avoided the global meltdown. However the prospects for Thailand are not that good, especially as the country is dependent on export industries and tourism. Another perspective in a foreign newspaper excerpt is -
The economy is tanking. Thailand, once a growth engine of Asia, is forecast to expand at just 1 per cent next year according to Citigroup, its worst performance since the 1997 crisis. Tourism, which employs nearly 10% of Thais, is expected to fall by a third as visitors are scared off by pictures of machete-wielding protesters on the streets of Bangkok. A resolution appears further away than ever. Even a snap election could be difficult if, as expected, the Constitutional Court orders the dissolution of the PPP for electoral fraud. Fresh elections are unlikely before the year's end. That's because Thailand must first conduct funeral rites for the King's sister, then celebrate the King's birthday after which it will host an ASEAN leaders' conference in mid-December
The economy is tanking. Thailand, once a growth engine of Asia, is forecast to expand at just 1 per cent next year according to Citigroup, its worst performance since the 1997 crisis. Tourism, which employs nearly 10% of Thais, is expected to fall by a third as visitors are scared off by pictures of machete-wielding protesters on the streets of Bangkok. A resolution appears further away than ever. Even a snap election could be difficult if, as expected, the Constitutional Court orders the dissolution of the PPP for electoral fraud. Fresh elections are unlikely before the year's end. That's because Thailand must first conduct funeral rites for the King's sister, then celebrate the King's birthday after which it will host an ASEAN leaders' conference in mid-December