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U.S. markets recover from steep losses
BANGKOK, Nov. 29 (UPI) -- Thailand's prime minister said he expects to see reports on the impact of Dubai's economic fallout after economic ministers meet Wednesday.
Prime Minister Abhisit Vejjajiva's instructions to ministers to carefully monitor Dubai's economic crisis comes on the heels of an announcement by Dubai World, the chief investment agency in Dubai, United Arab Emirates, that it seeks to reschedule payments in the amount of $59 billion, the Bangkok Post reported Sunday.
Thailand's Finance Minister Korn Chatikavanij and Deputy Prime Minister Korbsak Sabhavasu both said they do not predict the Dubai debt situation will have a major impact on Thailand's exports.
The prime minister was concerned, however, about the devaluation of Vietnamese currency, the newspaper reported.
"We have to monitor certain products which compete with Vietnam. They will have an edge over us in terms of prices," Abhisit said.
Korn, however, said he was concerned about the global effect of China's economy. If the post-recession growth trend continued in China, inflation and an unsustainable increase in property values would lead to a boom and bust cycle, he said.
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