Via Bangkok Pundit.
"Thailand's Prime Minister Abhisit Vejjajiva on Wednesday dismissed a report issued by France’s Credit Lyonnais that Thailand’s economy could contract by as much as nine per cent in 2009. "
Well, he would, wouldn't he? The fact remains, though, that Thailand's economy is driven by tourism and exporting, with domestic demand coming in some way behind. Tourism has been seriously damaged first by the PAD airport occupation and then by the recession(s) in the developed world. And exports are dropping off a cliff; who exactly are Thai companies going to export to, now that the entire world seems to be heading into recession?
Of course, last time the Thai economy went into a tailspin (the '97 crash), the college where I work saw enrollments double as students were pulled back from abroad to study in an English-medium program in Thailand. So it's not all bad news. (For me.)
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