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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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