NESDB: Thai economy will rebound in first quarter of 2012

BANGKOK, January 6 (TNA) - Thailand’s National Economic and Social Development Board (NESDB) has assessed that the national economy should rebound in the first quarter of this year, in the wake of a worst flooding crisis late last year, thanks to increased spending during post-flood rehabilitation. NESDB Secretary General Arkhom Termpittiyapaisith said overall production in the country will likely rebound by 80-100 per cent in the January-March period of 2012, fuelled by the increased spending during post-flood rehabilitation, resulting in Thai exports also growing by 15 per cent subsequently. Arkhom acknowledged that the Thai government needs to spend some 17 billion baht on its post-flood rehabilitation programs, including dredging canals, building protective dykes and purchasing water pumps during 2012-2013, projecting that the Thai economy should, therefore, grow by 5 per cent on average this year. According to the NESDB chief, Thailand will also benefit from the formation of the ASEAN Economic Community (AEC) by 2015, suggesting that local business operators turn to focus more on neighbouring markets in the 10-member Association of Southeast Asian Nations (ASEAN) and further upgrade quality of their products, instead of cutting prices to compete with the neighbouring countries. (TNA)