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Saturday, November 7, 2009

Bank of Thailand chief downplays concerns over Thai-Cambodian tension

BANGKOK, Nov 7 (TNA) – Bank of Thailand (BoT) Governor Tarisa Wattanagase on Friday downplayed concerns over the political tension between Thailand and Cambodia, saying it would not worsen significantly because both countries had forged good bilateral relations over a long period.

Thailand has downgraded its diplomatic ties with Cambodia following the formal appointment of convicted ex-premier Thaksin Shinawatra as the Cambodian PM’s economic and personal advisor.

She said the political tension between the neighbouring countries might shake confidence among Thai investors in Cambodia, but the central bank projected it would not affect the bilateral ties as the two countries had maintained good relations for a long time.

“The political tension is the government-to-government problem. The people of both countries still have good relations with each other," she said.

Mrs Tarisa added the Thai economy had already bottomed out. The government had initiated investment projects in various fields and managed to implement its policies quickly.

With these factors and the strong economic fundamental, she said, the Thai economy began recovering in the second quarter of this year and continued picking up in the third quarter.

Based on data in the second and third quarter, she projected the Thai economy would continue recovering as could be witnessed by the improved exports and increased private investment.

Although the economic growth remains fragile, it should be seen as a good sign for the country’s economy, she said. (TNA)

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