Mr. Korn Chatikavanij, Finance Minister of Thailand

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Mr. Korn Chatikavanij, Finance Minister of Thailand

A former investment banker

Minister Korn Chatikavanij

Minister Korn Chatikavanij obtained his Bachelor Degree in Philosophy Politics and Economics (Second Class Honor), Oxford University, United Kingdom. He worked in asset management at SG Warburg, London, while he was a student and joined the firm shortly after graduation. In 1985, he left Warburg and returned to Thailand, founding a brokerage investment bank in a joint venture with Hong Kong-based Jardine Fleming Securities Limited, also known as JF Thakakom.

In 1999, JF Thanakom was sold to JP Morgan and Minister Korn stayed on to serve as President till 2004, when he left JP Morgan to run for the government’s office. Subsequently, he was appointed Democrat Party’s Deputy Secretary General and Secretary for Economic Affairs and played a role in examining ousted Prime Minister Thaksin Shinwatra government's economic policies.

As Finance Minister

Since the appointment as the Cabinet’s Finance Minister in December 2008, Minister Korn has been significantly contributing to drive the Thai economy out of recession. Although the economy still contracted, the overall economic conditions were better than the first quarter of 2009. “We are on the right path to helping Thailand recover,” Minister Korn said in an interview with Bloomberg. “Thailand is open for business.”

Revitalizing the Economy

Source: Source: Bangkok Post

The new Thai Cabinet headed by Prime Minister Abhisit Vejjajiva agreed to the first stimulus package – worth 116-million baht – proposed by the Ministry of Finance, under Minister Korn’s leadership in January 2009. The package included living allowances for low income earners, retraining the unemployed and promotion of rural small enterprises. 2 This was quickly done after the series of political riots which happened in the country and was foreseen to cripple the economy.

Thailand relies heavily on exports and foreign investments. In this US financial meltdown, the world instead is crashing down on international trade. In March 2009, a second stimulus package of 1.566 trillion baht was launched. This time around, measures focus in funding irrigation, tourism, education and energy.

In the monthly economic report by Fiscal Policy Office in June 2009, the Thai economy has begun to show signs of recovery. Exports and private consumption revived while private investments continue to show slow contraction. Nonetheless, economic stability remained robust and resilient to the risk of volatility.

On the effect of political unrest on the Thai Economy

Minister Korn said that he faced a greater challenge as the economy’s rough patch is affected largely by the global financial crisis rather than the domestic turmoil.

For examples of Minister Korn’s recent comments on the Thai economy, please click the following links:

Minister Korn Chatikavanij will be in Singapore for a lunch talk, organized by the Singapore Institute of International Affairs and Credit Suisse Boston, with the support of the Royal Thai Embassy, on 28 September 2009. Minister Korn will share with his audience on Thailand’s changing stimulus policies and its impact to the economy.

Sources:
http://www.korndemocrat.com/th/KornChatikavanij-DowJonesNewswires.htm
http://www.asianewsnet.net/news.php?id=3420&sec=2
http://www.bangkokpost.com/news/local/13980/second-stimulus-package-receives-nod
http://www.korndemocrat.com/th/KornChatikavanij-BloombergNews.htm

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