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Fetco submits 7 proposals to Government

In a statement, it said that the global economic condition is in stark contrast to the first half when political parties unveiled their policies for the July 3 election.

Among the proposals, it urged the government to set up a facility to shore up the market which plunges over 9 per cent today.

As exports are to fall, the minimum wage hike should be delayed while the Bank of Thailand should reconsider its hawkish action on the policy rate.

Fetco is of the view that volatility in global markets tend to continue for a while, due to lack of confidence in the euro zone. Euro leaders have been criticised of time-buying measures and failures to freeze the negative contagion to Italy and Spain, which sparked the crisis of confidence. It noted that as key organisations like the European Council, European Central Bank and the International Monetary Fund opt for old strategies, the global markets including Thailand would further suffer from panic selling.

Fetco urged the coordinated action from over the world to restore the confidence and stop the contagion. Such action must be joined by the key organisations, major European countries, the US and key emerging economies like those in the Brics group – Brazil, Russia, India and China. It noted that after the 2008 financial crisis, many countries took part in injecting money into the financial market and launching measures to stimulate the economy and recapitalise commercial banks.

Source: The Nation

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