Our spending outlays paid off, Abhisit tells investors

       In a bid to woo US investors, Prime Minister Abhisit Vejjajiva told leading businessmen in that country the Thai economy had started down the path of recovery with credible positive indicators.
       At a Tuesday luncheon in New York's St Regis Hotel, the premier said his administration was faced with challenges on both economic and domestic political fronts since it came into office early this year.
       However, he said Thailand would be economically stronger in the wake of the global financial crisis, because of timely actions taken by his government in the early stages of the turmoil.
       First, he said, short-term measures were introduced quickly earlier this year to minimise the impact of global turmoil caused by the collapse of major US investment bank Lehman Brothers last September.
       Second, Abhisit said his government had recently followed up on the US$45-billion (Bt1.51 trillion) stimulus package aimed at boosting economic growth at a time when the private sector was weak.
       The massive stimulus package is equivalent to 16 per cent of Thailand's gross domestic product (GDP), he said, adding that the agriculture, transport, public-health and education sectors would benefit the most.
       Overall, the scheme will create 1.5 million jobs over a three-year period and should lead to new investment by the private sector, which will become a more sustainable engine for growth later.
       He said the government would disburse about $9 billion in the first batch of stimulus money towards the end of the year, to boost the economy.
       He cited a reduction in unemployment and recovery in the export sector, which accounts for more than 60 per cent of Thailand's GDP growth, as positive factors supporting the recovery.