Prasarn Trairatvorakul: The outlook for Thailand’s economy in the face of concerns about the slowing US recovery and Europe’s debt crisis Address by Dr Prasarn Trairatvorakul, Governor of the Bank of Thailand, at the Foreign Correspondents’ Club of Thailand, Bangkok, 3 November 2011. *  *  *  Distinguished FCCT Members and Guests, Ladies and Gentlemen, First of all, I would like to thank the FCCT Board for inviting me to share my view on Thailand’s economic outlook in the face of the U.S. economic slowdown and the Eurozone’s sovereign debt crisis. Actually, the organizer’s original intention reflects very well what was in the back of everyone’s mind over the past few months when we talked about key challenges to the Thai economy. But as all of us here today might agree, things have changed so dramatically over the past month alone, with the country now being swept over by the flood. While our feet need to stand firm weathering through and recovering from the flood together as a nation, our eyes cannot lose focus on what happens in the U.S. and the Eurozone. I think it is fair to say that what happens in the U.S. and the Eurozone will likely reshape the global financial and economic landscape over the years to come. And for Thailand, these factors and their implications on the global economy will also determine whether the recovery from the flood will be a rosy or a painful one. So, my talk today will be divided into two parts.
2 John C. Williams, Inflation Targeting and the Global Financial Crisis: Successes and Challenges, Essay  presentation to the South African Reserve Bank Conference on Fourteen Years of Inflation Targeting in South Africa and the Challenge of a Changing Mandate, Pretoria, South Africa, October 31, 2014. 3 Federal Reserve Bank of New York, Measuring the Natural Rate of Interest. 4 Federal Reserve Bank of New York, Measuring the Natural Rate of Interest. 5 John C. Williams, Living Life Near the ZLB, Remarks at 2019 Annual Meeting of the Central Bank Research  Association (CEBRA), New York, July 18, 2019. 6 John C. Williams, Monetary Policy in a Low R-Star World, Federal Reserve Bank of San Francisco, FRBSF  Economic Letter, August 15, 2016. 7 This statement is based on ongoing research with New York Fed Research staff using Survey of Consumer  Expectations data and a version of the Malmendier-Nagel (2016) model of expectations formation (Ulrike Malmendier and Stefan Nagel . “Learning from Inflation Experiences,” The Quarterly Journal of Economics, Vol. 3/4  BIS central bankers' speeches  121, No. 1, 53 – 87 [gated version].). As such, it differs from the median measures of 1-year and 3-year inflation expectations released monthly by the New York Fed. 4/4  BIS central bankers' speeches