Debt aside, economy looks a lot like Greece's | Bangkok Post: opinion

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Debt aside, economy looks a lot like Greece's

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When the current eurozone crisis reached Greece, many Thais asked whether what was happening over there could happen here. 

Answers were largely dismissive of such a scenario. This is because while successive Thai governments in recent years have rapidly increased expenditure _ especially for the populist programmes that some Thais fear are addictive and will soon wreck fiscal discipline _ the Thai budget deficit averaging about 1% of GDP over the past three years has been nowhere near that of Greece.

Although the current government seems to be doing its best to add to the public debt _ including borrowing 350 billion baht for flood control programmes and a possible 2 trillion baht for infrastructure development _ Thailand's debt burden at about 44% of GDP is nothing like Greece's, which now stands at 170% of GDP.

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