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Finance chiefs and central bankers will meet through the weekend in Washington to discuss new options to stave off the most severe economic crisis facing the world economy since the Great Depression.
Central bank efforts to pump hundreds of billions of dollars into the markets have failed to restore investor confidence or break a credit freeze that is pushing banks and companies into bankruptcy.
Stock markets across the world tumbled sharply yesterday on mounting fears of a global recession.
Thai stocks fell 9.61% with the Stock Exchange of Thailand (SET) index closing off 48 points to 451.96, despite a 30-minute trading suspension as market "circuit breakers" were activated to stem the declines. Since January, over three trillion baht in market capitalisation has been erased from the SET, which is down 47% for the year. Besides the global financial crisis, the political turmoil and recent violence on the streets have also put heavy pressure on the Thai stock market.
Worldwide, over $20 trillion has been wiped off equity markets in the last 12 months as the financial crisis that began with non-performing US sub-prime mortgage loans spread to economies globally.
Finance officials of the G-7, which includes the United States, Japan, Germany and Britain, are due to release a statement at 5am this morning Bangkok time.
Members from the broader Group of 20 will also meet this weekend, as policymakers from around the world are in Washington to attend the annual World Bank/International Monetary Fund meetings.
Representing Thailand at the meetings are Finance Minister Suchart Thada-Thamrongvech and central bank governor Tarisa Watanagase.
Investors hope the leaders move beyond interest rate cuts and bank bailouts taken over the past several days and take more drastic action to help restore confidence, including government guarantees for lending made between banks, a proposal raised by UK chancellor Alistair Darling.
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