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Thailand is unaffected by US housing market problems

The recent housing market decline in the USA is unlikely to impact upon the economy in Thailand, according to one expert.

Suchada Kirakul, assistant governor of the Bank of Thailand, said that investors are losing confidence in the US dollar and choosing to look to other markets instead, Thomson Financial reports.

"But in Thailand we have several measures to monitor capital flows, while the property market has not over-expanded," Ms Kirakul said.

Although the news provider reports that concerns have been raised that the US mortgage market may have had a negative impact upon Asian stocks, the problems faced by investors in the US are "certain" not to happen in Thailand, Ms Kirakul stated.

Last month, James Pitchon, executive director of CB Richard Ellis Thailand, said that the country is in a "very strong" position to attract foreign retirees and second home buyers, the Bangkok Post reports.

 

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