• 
• 

Published on October 12, 2007

They are also drafting a growth strategy that would urge the government to boost domestic consumption, in order to offset an expected slowdown in exports next year.

During a press conference yesterday, the board and the chamber said economic this year's growth was likely to be dampened by the recent political uncertainty. The private sector should thus be a driving engine next year to ensure that Thailand maintains its competitiveness in the international arena, said Dusit Nontanakorn, vice chairman of both the Board of Trade and the Thai Chamber of Commerce.

"The economy must grow more than 5 per cent next year, in order to guarantee our competitiveness in the international arena," he said.

To drive economic growth next year, the board, in cooperation with several private institutes, has drafted some strategies and will submit them to the next government.

They will be announced to the public and proposed to relevant government agencies on November 8.

The plans focus on promoting domestic consumption, in order to compensate for losses from next year's expected slower export growth.

Dusit said the new government had to aim at boosting local consumption as its priority concern next year because the economy could no longer depend on export earnings, which are declining.

He also said the private sector would play a key role in driving the Kingdom's economy in the first half of next year before the new government could get settled in and work properly after the election.

Other suggested plans include stabilising the baht's value, maintaining export markets, exploring potential new  markets and promoting the use of free-trade pacts, mainly the Japan-Thailand Economic Partnership Agreement that takes effect on November 1.

Dusit said the 25th annual meeting of the Thai Chamber of Commerce would focus on finding suggestions to promote the Kingdom's growth.

 Petchanet Pratruangkrai

 The Nation