BANGKOK - The under-forming new government of Thailand will face main urgent task of restructuring the national economy, a report from the Bank of Thailand (BoT) said.
Songtum Pinto, head of BoT's Balance of Payments Division, said in a report which released by the official Thai News Agency on Saturday that Thailand's economy grew considerably at around 5 percent in 2007 due mainly to export expansion as a result of penetration of new markets.
However, industries producing goods for sale in Thailand expanded only 1.9 percent during the first nine months of 2007 while export-oriented industries grew 15.5 percent, the report said, urging the new government to restructure the economy rapidly.
The stability of the Thai economy would be impacted in the long-term if economic growth remains like this as domestic consumption would not recover, said the report.
If Thai economy still remains over reliant on exports it may be affected by the current global economic volatility. Investment in Thailand, which has already slowed during the past two years, could also be affected while it loses competitiveness to other countries, the report said.
