Thai economist gives advice on macro-economic management
Thai economist gives advice on macro-economic management
The government now has some takeaways from Thailand’s experiences on macro-economic management as it gets set to promote more socio-economic development, says a senior Thai economist.
Well-known Thai economist, politician and former Deputy Prime Minister of Thailand, Dr Veerapong Ramangkul, was invited to share the experiences of Thailand at a seminar titled “The Regional Economic Outlook and Thailand’s Experiences on Macro-Economic Management” held yesterday in Vientiane.
He suggested that Laos has great potential in its socio-economic development, especially in the energy sector because of its geographical position.
“Laos is located in the middle of a number of countries with large populations where large markets exist so the opportunity for Laos to move forward in its socio-economic development is bright,” Dr Veerapong said.
“But all in all, each country’s efforts to develop its economy will always come with challenges and barricades that will need to be addressed immediately,” he said, adding that over the past three decades, Thailand has experienced many challenges but their problems had been addressed before they got out of control.
He also talked about Thailand’s experiences with imports and exports, tax systems and foreign investment.
The government is currently implementing its 8th Five-Year National Socio-Economic Development Plan (NSEDP), which paves the way for Laos’ graduation from Least Developed Country (LDC) status.
However, experts suggest that the necessary tools, recommendations and advice are needed from experienced individuals as well as regional and international communities to contribute to the implementation of the NSEDP and achieve its goals.
Government officials say NSEDP implementation will play a strong role in the achievement of the National Strategy on Socio-Economic Development 2025 as well as the country’s Sustainable Development Goals.
Meanwhile, Deputy Prime Minister and Minister of Finance Mr Somdy Duangdy said in his remarks at the seminar that the government has outlined the overall goal of its 8th Five-Year National Socio-Economic Development Plan which will lead the country out of LDC status by 2020.
“This year is the second year that Laos has been implementing its [NSEDP] plan. It has been a challenging year so far because of domestic, regional and international circumstances being filled with both advantages and disadvantages,” Mr Somdy said.
He also said the government was now paying strict attention to the management of the macro-economy to ensure the stability of the economic structure as a whole.
In another bid to support the growth and stability of the economy, the government has formed an economic committee comprising the ministries of Finance, Planning and Investment, Industry and Commerce, Energy and Mines, Public Works and Transport, Information, Culture and Tourism, the National Institute for Economic Research and the Bank of the Lao PDR.
“This economic team will play a significant role in supporting the growth of socio-economic development as well as promoting and upgrading the productivity of the macro-economy. The committee will meet monthly to monitor the implementation of the NSEDP,” Mr Somdy added.
