Thailand shielded from US/global slowdown

Thailand will see limited impact from the slowdown in the US and in the broader global economy, thanks to the strong domestic fundamentals, said Standard & Poor's Ratings Service.

In a report titled "ASEAN-4 Economies Show Strong Growth Despite Sinking U.S. Demand," the rating company said aside from Thailand, Indonesia, Malaysia and the Philippines would also go through the tough times.

"In 2007, the increase in exports to the intra-Asia region remained robust and offset the drop in exports to the US," said Standard & Poor's Asia Pacific chief economist Subir Gokarn. "Relatively lower inflation and interest rates in the past two years, combined with increased incomes due to favourable terms of trade and healthy remittance inflows, have boosted domestic consumption and investment."

Expansionary fiscal policies will enhance this momentum in 2008-2009.

The report also cited the necessity for central banks in the countries to focus on price stability.

- The Nation

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Thailand shielded from US/global slowdown

Thailand will see limited impact from the slowdown in the US and in the broader global economy, thanks to the strong domestic fundamentals, said Standard & Poor's Ratings Service.

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