The government has pledged to implement the economic policy under the sufficiency economy philosophy in its policy statement declared on Friday before the National Legislative Assembly, which acted as the interim parliament after a military coup ousted the former government led by ex-premier Thaskin Shinawatra.

To adhere to the sufficiency economy principle, Thai Prime Minister Surayud Chulanont said the government would attempt to develop the economy in the liberal market system based on the merit discipline to ensure the sufficient and sustainable economic growth.

The private sector would be encouraged to play a leading role and coordinate with the public and social sectors in strengthening the economy in both the grassroots and market-based systems.

To boost the grassroots sector, he said the government would give small farmers an opportunity to develop new products and help upgrade the quality of output through the application of technology and modern management and marketing.

Products of local communities would be developed to improve their quality to meet consumer's demand at provincial, national, and export levels.

The government would encourage cooperation between the labor, private and public sectors in developing quality and skills of workers in different levels to ensure they could produce output and earn incomes to their maximum efficiency.

Laborers in all sectors would be given an access to employment opportunities, healthcare, work safety, social security, education, and occupational training.

A role of provincial governors and state agencies in provincial areas would be improved to narrow the communication and relation gap with people in the regional, local and community level.

To boost economy in the market-based system, the government would promote local and foreign investment in very competitive industries in accordance with the 10th national economic and social development plan. It would focus on investment in technological development and building intellectual properties.

It would give a priority to strengthening the small- and medium- size enterprises, particularly those counting on intellectual properties.

The government would also promote the export and services with the private sector encouraged to drive their growth and build the stability of product prices.

It would promote energy conservation and consumption efficiency and encourage the use of alternative energy.

On the overall economy, the government would give an importance to enhancing efficiency in boosting the gross domestic product GDP) growth It would encourage saving of people at all levels to reduce household debts. The budget deficit would be adopted to accommodate enough economic growth.

The government would promote investment in mega-projects necessary for enhancing the country's competitiveness and boost the fiscal and monetary discipline in the public sector, the premier said.

Source: Xinhua