Word: narongchai
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Dates: during 1980-1989
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...Narongchai Akrasanee, senior vice president of the Industrial Finance Corp. of Thailand, reported that debt loads are much less onerous in the developing countries of Asia. Only the Philippines, which owes $26 billion, is considered to have a major problem, and that, he said, is "manageable." Oil-producing Indonesia could have future difficulties in servicing its $37 billion debt, but those too, Narongchai asserted, can be handled...
...Nations, the standout is Singapore, which is expected to end the year with an 8.6% growth rate. Exports of garments and electrical machinery have been brisk, and the government has stimulated the construction industry through heavy spending on public housing and Singapore's new rapid transit system. Economist Narongchai forecast that growth will remain in the 8% range through...
...year tenure of President Suharto. But the archipelago faces economic challenges. Falling oil prices have cut Indonesia's earnings from its chief export, and the country's current account deficit will be about $4.2 billion this year. On the bright side, agricultural production is strong. Narongchai predicted that Indonesia will achieve 4.5% growth...
Malaysia is currently enjoying a 6% growth rate. It might be even better, said Narongchai, were it not for tensions between the country's major ethnic groups. Wealthy businessmen of Chinese descent are nervous about the government's long-range plans to keep giving the native Malays a bigger role in the economy. Moreover, the government intends to curb its spending because of a persistent budget deficit that now totals 12% of the gross national product. Partly for that reason, growth may slip next year...
...Thailand, expansion has also been constrained by conservative economic policies. The government has restricted the money supply and imposed import controls to combat a worrisome trade deficit that was almost $4 billion last year. Narongchai forecast that growth would hover at its current level of about 5.5% through 1985. Looking at the long term, he voiced concern that half of Thailand's population of 49 million is less than 20 years old. The influx of young people into the work force may aggravate unemployment, which now stands...