the people at large remain our priorities. for this reason, we need to redouble our efforts to enhance our banking, finance and technological know - how. we also need to make sure that a wealth of knowledge and experiences is effectively shared among members of the clmvt. bis central bankers ’ speeches the last one is to leverage on specialized financial services that some of our members are ready to offer. for thailand, progress has been made to create financial ecosystem to meet growing regional demand for specialized financial services. in the capital market, thailand allows entities from clmv countries to raise funds from the thai capital market with the introduction of more accommodative rules on capital account and taxation. since 2013, the lao government and firms from lao pdr have issued baht - denominated bonds, worth 28 billion baht in total, to support large - scale infrastructure projects. in addition, the bank of thailand supports multinational corporations operating in the region to establish regional treasury centers in thailand. as of now, there are 13 companies holding treasury center licenses, of which 4 have been granted in the past 3 months. ladies and gentlemen, the work to develop domestic financial sectors and strengthen financial connectivity will always be a work in progress. the bank of thailand is committed to working with our counterparts in clmv countries to develop the financial industry and enhance regional financial integration. much progress has been accomplished, but there remain many more things that we can and should do to further promote more connected financial system. as we have done in the past decade, the bank of thailand will stand ready to work with our clmv partners in various ways from development of human capital and regulatory frameworks to infrastructure building. if we can build strong domestic financial systems and regional financial connectivity, we will be able to reduce costs and create positive spillovers to several other industries. livelihoods of our people will improve. workers and investors can more easily and cheaply remit funds across countries. merchants will find it easier to trade cross - border. the tourism sector will gain even more momentum. smes will be able to utilize e - commerce and e - payment in selling their products regionally and globally. financing of infrastructure projects can also be supported by long - term financial products with proper risk management features. furthermore, financial inclusion and financial literacy will equip households and small businesses with the needed resilience to go through the increasingly volatile world. ladies and gentlemen, just ten years ago, the low - cost

pongpen ruengvirayudh : the current economic situation and recent monetary policy developments opening remarks by ms pongpen ruengvirayudh, deputy governor for monetary stability of the bank of thailand, at the joint foreign chamber of commerce in thailand ( jfcct ), bangkok, 21 may 2014. * * * distinguished guests, ladies and gentlemen, 1. it is my pleasure to be back here at the joint foreign chambers of commerce ( jfcct ). first of all, i would like to thank jfcct for inviting me and would also like to thank all the members of jfcct for your continuing contribution to the economic development here in thailand. economic outlook 2. a great deal has changed both domestically and externally since i was here last year. with respect to domestic economy, the prolonged political stalemate has weighed considerably on confidence, exacerbating the already fragile economy. externally, the announcement of the us fed to scale down its quantitative easing program since may 2013 has led to turmoil in financial markets across emerging economies. today, i therefore would like to take this opportunity to share briefly with you my thoughts on the country ’ s economic outlook, the medium - term challenges we face and monetary policy of the bank of thailand. 3. when it comes to current economic assessment, the slowdown of the thai economy over the last year, in combination with uncertainty over the ongoing political conflict, is a growing concern for many. the nesdb two days ago announced that gdp growth in 1q14 contracted by 0. 6 % ( yoy ), compared to same period last year. signs of moderation were witnessed in various economic activities, such as consumption and investment, as well as in government spending, despite signs of a rise in some exports. as the political deadlock lingers, tourism has begun to feel the impact. in the last mpc meeting of april 23rd, the committee projected that the thai economy in will grow less in 2014 than the previously assessed at 2. 7 percent. this will be mainly due to the weaker - than - expected economic momentum in the first quarter of the year and the political impasse posing downside risks to domestic demand and tourism. however, the economy is expected to resume its normal growth in 2015. 4. notwithstanding the short - term headwinds, there are also causes for optimism. global economic activity has been firming up. growth has gathered momentum in the us, the euro area and japan. recent government ’ s