Word: narongchai
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...Pacific region is not without problems. Several less-developed nations, including Indonesia, Malaysia, Thailand and the Philippines, have been hurt by a slump in the prices they receive for exports of raw materials such as sugar, copper, tin and oil. Observed Board Member Narongchai Akrasanee, a senior vice president of Thailand's Industrial Finance Corp.: "Commodity prices are really miserable." Even so, Indonesia, Malaysia and Thailand have managed to maintain respectable growth rates of 4% or more. The only serious trouble spot is the Philippines, where economic mismanagement by the regime of President Ferdinand Marcos and continuing political unrest...
...growth was only 2.7% in the July-September period, down from 7.1% in the previous quarter. Some of TIME'S economists expressed concern that the U.S. budget deficit, which will be at least $167 billion in 1985, might eventually drive up American interest rates and cause a recession. Narongchai noted that the combined gross national product of the Association (of South East Asian Nations (ASEAN), which includes Singapore, the Philippines, Indonesia, Malaysia, Thailand and Brunei, is only $200 billion. Said he: "All we produce in a year would barely be enough to pay for the misbehavior...
...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...
Thailand is also enjoying a spurt because its currency is strong, its financial markets are awash with funds, and loans are therefore easy to get. Said Narongchai Akrasanee, an economic adviser to Thailand's Industrial Finance Corp.: "For the first time in history, banks have gone to customers, begging them to borrow...
Late Entry into the Growth Race. "All of us," said Okita, "are latecomers to development, so we were able to use economic models from North America and Europe." In addition, contended Narongchai, the Asians saw how multinational corporations had exploited other developing areas like Latin America. Said he: "By the time the Asian governments launched their development programs, they were intelligent enough to manage their own resources and not to allow the multinationals to rape their economies...