this guy obviously didn't get the memo ,

all the rest are singing how Thailand will be unaffected ...................

US financial woes to hit property values, farm product prices

Prices of property and farm products in Thailand are likely to decline as a result of the financial institutions crisis in the United States, according to a leading Bangkok academic.

Speaking at a seminar on "The Lehman Brothers Crisis: Impacts on Global Finance and Thailand," Somphop Manarangsan, a lecturer in Chulalongkorn University's Faculty of Economics, said the financial institutions crisis in the US is projected to drag on for three to four years.

Consequently the Thai government should accelerate building domestic economic stability by ensuring the monetary and fiscal policies are implemented in a coordinated manner.

At the same time, property prices in Thailand are expected to drop in tandem with those in the US, which contracted by as much as 30-40 per cent.

He said the US investment bank Lehman Brothers, which went bankrupt, is set to sell off its property. The move will definitely affect property prices in Thailand, Dr Somphop said.

In addition, farm product prices are likely to fall and exports to slow down as a result of the US economic meltdown.

Somchai Chitsuchon, director of Thailand Development Research Institute's Economic Development and Income Distribution Division, said the government must speed up solving the financial institution crisis, which fuelled financial costs.

However, Dr Somchai said, Thailand has yet needed to inject significant amounts of money into the system since the capital outflows occurred only in the stock market. (TNA)