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Economy

Ex-deputy prime minister is uneasy about the Thai property market

Asian countries need to support one another in the event of another crisis

Supachai Panitchpakdi (Photo by Yukako Ono)

BANGKOK In the eyes of Supachai Panitchpakdi, the Thai economy appears in fairly robust shape, but the seeds of the next financial crisis may be being sown in the property market.

In a recent group interview including the Nikkei Asian Review, the country's deputy prime minister and minister of commerce after what Thais call the Tom Yam Kung crisis -- a reference to the hot, spicy soup -- cautioned that the excessive pursuit of quick profits may cripple banks with nonperforming loans, creating a vulnerability similar to that of two decades ago.

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