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From VOA Learning English, |
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this is the Economics Report. |
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Economists are warning of slower growth in Thailand, |
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southeast Asia's biggest economy. |
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A major credit rating agency recently |
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reported that continued political unrest in Thailand |
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could hurt the country's economy. |
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In its report, Fitch Ratings |
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noted a reduction in manufacturing |
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and sharply lower sales of goods and services. |
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Fitch said, the trust of both Thai consumers and business |
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is at its lowest level since the huge floods of 2011. |
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The ruling party is seeking |
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to break up the opposition Democrat Party. |
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Opposition forces accused the ruling party |
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led by Prime Minister Yingluck Shinwatra |
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of being disloyal to the king, |
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that is a serious accusation in Thailand. |
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The opposition has also questioned |
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the fairness of recent elections. |
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Now foreign investors are getting concerned. |
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The president of Toyota Motor Corp in Thailand |
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has warned that long term investors |
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may put their money in other areas, |
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like Indonesia or Vietnam. |
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Chris Baker is an expert on business in Thailand. |
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He says major foreign investors |
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are concerned about the elections. |
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They feel the lack of a clear winner will frighten investors. |
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He also says car makers and related businesses |
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are concerned the government will be unable |
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to make serious policy decisions. |
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Thailand's government is under financial pressure |
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to pay rice farmers more than $3 billion |
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for rice it promised to buy at higher than market prices. |
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Now, the government is having trouble |
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finding the money to pay the farmers. |
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Banks have been unwilling to loan money for the plan. |
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Foreign investors have also been pulling back |
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from the Thai stock market |
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since political protests began in November. |
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The leading measure of Thai stocks |
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has lost 10 percent of its value since then. |
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Andrew McBean is a partner with Grant Thornton Thailand, |
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a business advisory service. |
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He says the fact that the elections |
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were largely peaceful was a hopeful sign. |
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Still Thailand's tourist industry has been hurt |
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by the unrest in the capital Bangkok. |
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More than forty countries |
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have announced travel alerts in recent weeks. |
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And tourism officials estimated losses |
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for the month of January alone at $685 million. |
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The Thai economy has recovered from earlier political |
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and economical problems, |
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but the recent unrest may make it harder for foreigners |
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to want to return as they have in the past. |
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And that's the Economics Report from VOA Learning English. |
