DAILY NEWS EDITORIAL : Prime Minister Somchai Wongsawat should be applauded for introducing a six-point plan to cushion the impact of the global financial crisis.
Under the plan, commercial banks will be asked to maintain liquidity by providing at least 400 billion baht worth of loans over the next 12 months, while greater efforts will be made to attract more tourists from countries not severely affected by the US financial crisis. New export markets in Asia, the Middle East, Africa and Latin America will be explored to offset lower consumption in the US.
Village loans and 250 billion baht worth of infrastructure projects will be implemented to boost domestic consumption.
The government will also seek closer financial cooperation with other Asian countries to mitigate the impact of the US financial crisis.
There has been criticism of these measures, but we think they are timely and appropriate. It is important, however, to ensure that these measures are implemented promptly by civil servants. Bureaucratic red tape must be eliminated to ensure that people get the help they need as soon as possible.
Even though the global economic outlook is bleak, Thailand can stay healthy if she is able to boost domestic consumption while tapping into new export markets.
This is a good time for Prime Minister Somchai to display his leadership amid the ongoing political turmoil. If political problems are solved, the government can devote itself fully to tackling pressing economic issues.
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