Mir Report

IMF Managing Director Visits Thailand and Participates in Thailand/ADB/IMF Seminar

Press Release No. 12/257

July 12, 2012

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), made the following statement today in Bangkok at the conclusion of her visit to Thailand:

“It has been a great pleasure to visit Thailand—my first trip here as Managing Director of the IMF. My visit to this dynamic and multi-faceted region has been uplifting and enriching. Visiting Bangkok is a wonderful way to conclude my trip. I was privileged to meet with Prime Minister Yingluck Shinawatra, Deputy Prime Minister and Minister of Finance Kittiratt Na-Ranong, Governor Prasarn Trairatvorakul and other senior officials.

“In my meeting with the Prime Minister, I emphasized the Fund’s continued engagement in Asia, and cooperation with ASEAN. The rise of Asia in the global economy is a defining development. Asia’s resilience in the face of the global crisis has reflected the greatly improved economic fundamentals put in place over the last decade. However, protracted stresses and risks elsewhere in an increasingly interconnected global economy, are a reminder of the fragile external environment. In this context, it is in Asia's interest to strengthen domestic sources of growth to rebalance their economies, and ensure more equitable and inclusive growth.

“Turning to Thailand, I noted that over the past year, the Thai economy has come through several difficult tests. The most difficult challenge was the historic 2011 floods that severely affected a large portion of the country. It is reassuring to see such a sharp rebound. This is a testament to the resilience of the Thai people, and supportive policies by the government. Looking ahead, a strategy that would build capacity including by investing in human capital and infrastructure, particularly in regions outside of Bangkok, would help sustain economic momentum.

“I am also delighted to announce the opening of a...