Thailand far from overheating, says California consulting firm

Thailand far from overheating, says Calif. consulting firm - PR Web, August 1, 2004
Thailand faces little risk of economic overheating, according to a California-based independent investment research firm. Contrary to consensus opinion, rapidly growing credit card debt and strong expansion of private sector investment do not threaten economic stability, says Jeph Gundzik, president of Condor Advisers, an eight-year-old investment consulting company based in Mammoth Lakes, Calif.
... According to Gundzik, who predicted Thailand’s economic collapse in 1997, rapid economic growth should continue in Thailand at least through 2006. “Credit card debt represents less than two percent of total bank credit outstanding and private sector investment has only just begun to recover,” Gundzik says.
... Gundzik stresses that rapid credit and investment growth did not trigger Thailand’s economic crisis in 1997. The blame for the for the crisis lies with international banks, which ignored deteriorating economic fundamentals in Thailand and continued to expand their lending to the country’s commercial banks...
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