FTI: Politics ‘impeding business development’
The private sector has indicated that political factors are a major drawback for the economy at present, while suggesting the government solve the problem of in order to improve the country’s competitiveness, Thai News Agency (TNA) reports.
Thanit Sorat, vice-chairman of the Federation of Thai Industries (FTI), says that the World Economic Forum’s ranking of Thailand’s competitiveness at 36, down from 34 last year, “reflects a negative future” for the economy.
He said Thailand was facing obstacles in business due to obsolete laws and had been noted by foreign investors for its corruption problems. The government needs to quickly establish solutions to the problem since it was severely “obstructing national development”, he said.
Thanit said the decrease in competitiveness had resulted in a decline in private investment. He said government support under its Strong Thailand scheme was only aimed at injecting funds into the economic system, but was not efficient at stimulating private investment. – TNA.
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