Today at 2:00 p.m. at the NESDB, Prime Minister Yingluck Shinawatra traveled to present her policies and receive a briefing on the work of the NESDB from Arkom Termpityapaisit, the NESDB’s secretary general. Also in attendance were Deputy Prime Minister (and Minister of Finance) Kittiratt Na-Ranong, Minister to the PM’s Office Niwatthamrong Boonsongpaisan, Secretariat to the PM’s Office Suranand Vejjajiva, Secretariat to the Cabinet Ampon Kittiampon and Government Spokesperson Sunsanee Nakpong.
On this occasion, the prime minister emphasized the importance of the NESDB as the financial brain of the nation, and to urge the NESDB to continue to work together to use the nation’s resources to their maximum potential. Accessibility to accurate and up-to-date information is crucial in solving economic problems, the prime minister added, and would allow the government to best serve the people.
After the policy presentation, the prime minister revealed that the meeting was one in the series of discussions dedicated to the economic situation unfolding in the EU (a result of the debt crises in Greece and Spain), which may indirectly affect Thailand’s economy. To respond to the crisis, the government has charged the Ministry of Finance, the NESDB and the Bank of Thailand to collect all relevant data and closely monitor the situation. This would allow the government to respond as rapidly and effectively as possible if the crisis spirals out of hand and begins to affect the Thai economy. All raw data must be analyzed, along with potential direct and indirect effects to Thailand, the prime minister said. She added that the government and relevant agencies must also closely monitor the EU situation at the same time; and all of these agencies must be ready to use both monetary and financial policy to assist. When the analyses have been completed, the prime minister will reveal their conclusions to the Thai people.
The prime minister insisted that the fundamentals of the Thai economy are prepared to weather any crises that may come because of the nation’s dependence on its domestic economy. This can be seen in the government’s policies, which have attempted to build Thailand’s domestic economy. She explained that today’s meeting with the NESDB was to prepare data to work out the smaller details of Thailand’s response—a necessary task since the EU crisis is taking a toll on the world economy, especially on the SMEs and major exporters. As a result, the government will spend its resources on fine-tuning the details of a possible plan in response to the early effects of the EU crisis on Thailand. The prime minister emphasized that the government will monitor the situation without complacency and that it is ready to support the economy, should the effects of the crisis reach Thailand.