Mr Pridiyathorn is a respected figure

Pridiyathorn Devakula, set to become the new finance minister, said the administration would seek a stable, sustainable level of economic growth.

Comments from interim prime minister Surayud Chulanont calling for more "self-sufficiency" spooked investors.

Political tensions have damaged the Thai economy over the past year.

Call for clarity

The economy grew at its slowest rate for four years in 2005, and output is expected to decrease again this year.

Investors have expressed concern about the country's future economic direction since the bloodless coup which ousted former prime minister Thaksin Shinawatra last month.

We should aim for moderate growth not beyond our means Pridiyathorn Devakula, Thai central bank governor

Recent remarks by Mr Surayud, a retired general, that the administration would prioritise the personal happiness and prosperity of its people over economic growth did little to reassure investors.

Since September's coup, speculation has grown that the authorities would seek to curb the expansion of foreign retailers amid calls for more personal frugality and less reliance on international markets.

But Mr Pridiyathorn, a widely respected figure in Thailand after leading its recovery from the 1997 Asian financial crisis, said the comments did not represent a break with existing economic policies.

Balanced growth

He pledged to continue to expand the economy without fuelling inflation, adding that output in 2007 would be no lower than this year.

"The self-sufficiency economy is not what foreigners believe - that it will slow down the country," he said.

"It will maintain growth in balance with saving ability, resource use and investment. We should aim for moderate growth not beyond our means."

Stock markets have been unsettled since the coup

Mr Pridiyathorn is widely tipped to become finance minister in the new administration, overseeing the administration's economic direction.

Economists have called for the new administration to spell out its spending plans, particularly in relation to the $43bn in infrastructure improvements promised by Mr Thaksin's government.

One expert said that with world oil prices falling, she expected the Thai economy to pick up next year.

"If confidence is restored, investment and spending will return," said Usara Wilaipich, an economist at Standard Chartered bank.

The military government has promised a new constitution and fresh elections within a year.