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Balance has replaced growth, even sustainable growth, as thekeyword for Thailand's economy, Kittiratt Na-Ranong, Thailand'sdeputy prime minister in charge of economy, said at the WorldEconomic Forum on East Asia in Bangkok on Thursday. "Twenty years ago, if you ask me what the single most desirableword is, I would say 'growth'. After a few years of unstablegrowth, it would be 'sustainable growth'. If asked the samequestion today, I would say it's 'balance'," Kittiratt said. With a few good years of export, Thailand is now suffering fromsurplus another side of imbalance. "The stronger Thai baht has madeit difficult for exporters. Liquidity is pouring into our economy,"he said. To reduce reliance on export, Thailand is trying to boost domesticconsumption by raising minimum daily wages from 215 to 300 baht (10U.S. dollars).The raise took effect in April. "East Asia has been for too long trying to concentrate onexport-led growth and forgetting to improve our own economies. Byimproving the productivity, efficiency and purchasing power withinour own economies, we can serve ourselves better achieve easiergrowth and help balance the world economy," he said. Kittiratt said boosting domestic consumption in Thailand is notjust for growth within the country, but also to help other EastAsia countries and even European countries to find balance. "Imbalance is the root of problems at the regional and globallevel. The problem in Europe is also imbalance. It's our job to tryto improve ourselves to help them too, by enhancing our purchasepower to reduce trade deficit of the west," he said. Thailand is not the only country that is trying to find a newbalance between world market to home market, as international tradeslows with global economy turmoil, said Eswar Prasad, professor ofCornell University. "The key to rebalancing is domestic policies. Each country has todevelop domestic market to make sure the economy is bufferedagainst external shocks," Prasad said. Curbing corruption and inequality are essential to domesticrebalancing, he added. "The support for broad reform will be erodedwhen people feel only the privileged are benefited.". I am an expert from colorglitterpowder.com, while we provides the quality product, such as Gold Glitter Powder , China Nail Glitter Powder, Gold Glitter Powder,and more.
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