Xinhua . Bangkok

The Asian Development Bank executive for Thailand on Friday urged the Thailand's government to act more quickly to create a more favorable investment atmosphere in a bid to promote its economic development, the official Thai News Agency reported.

Speaking at a seminar on 'The Direction of the Thai Economy in the Future,' Jean-Pierre Verbiest, ADB country director for Thailand, said the Thai economy should have grown 6-7 per cent based on its potential, but it had not.

On the contrary, it had expanded by only 4-5 per cent now. That meant the economy has lost the opportunity of 3 per cent growth which could otherwise have taken place since the country had a weak point regarding the investment climate, which could cause problems in the future.

What the government should do urgently is to speed up investment, particularly in basic infrastructure projects, because the investment portion in relation to the gross domestic product had now dropped to 27.9 per cent while private and state investments had grown only 4 and 7 per cent respectively over the past decade, he was quoted as saying.

It showed that no new investment had been made in Thailand and that existing machinery needed to be improved, said the report. In addition, the government must attempt to create a more favorable investment atmosphere to boost local and foreign investor confidence.

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