ID :
134102
Thu, 07/22/2010 - 08:45
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Shortlink :
http://m.oananews.org//node/134102
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Finance Ministry upbeat about Thai economic growth
BANGKOK, July 22 – The Thai economy is expected to enjoy the highest growth in ASEAN in the eyes of foreign investors unless there are new political disruptions, according to Finance Ministry spokesman Ekniti Nitithanprapas.
Speaking at a seminar on trends in the Thai economy and confidence in the second half of 2010, Mr Ekniti said that given the initial economic data and the export growth of 46.3 per cent in June, the economy in the second quarter of this year is very likely to grow more than 6 per cent against 12 per
cent in the first quarter.
During an investment promotion visit to London last week, he said, foreign investors expressed belief that Thailand’s private sector was able to distance itself from the political problems and grow on its own feet.
Although Thai tourism has been negatively affected by the recent political chaos, it recovered quickly, he said, by shrinking only 3 per cent in June.
Unless there are new political disturbances, he said, foreign investors believed that the Thai economy would enjoy the highest growth in ASEAN.
Foreign capital has flowed into ASEAN, particularly Thailand, in a large amount. Under the circumstances, it might cause the Thai baht to strengthen because a certain amount of the foreign capital is likely to shift into the stock market and the commodity market for speculative purposes.
Exports will remain Thailand's main income earner although many worry that the export sector will be hard hit by economic troubles in the United States and Europe.
He pointed out that Thailand’s export structure had already changed considerably, no longer relying on the US and Europe as the main destinations.
“Now, Australia is Thailand’s top export destination with ASEAN becoming second. The export portion in the US and Europe drops from 20 per cent
and 16-17 per cent to 10 per cent. Some European countries are experiencing huge debt burdens and current account surpluses. It may make
the Euro weaken further. (MCOT online news)
Speaking at a seminar on trends in the Thai economy and confidence in the second half of 2010, Mr Ekniti said that given the initial economic data and the export growth of 46.3 per cent in June, the economy in the second quarter of this year is very likely to grow more than 6 per cent against 12 per
cent in the first quarter.
During an investment promotion visit to London last week, he said, foreign investors expressed belief that Thailand’s private sector was able to distance itself from the political problems and grow on its own feet.
Although Thai tourism has been negatively affected by the recent political chaos, it recovered quickly, he said, by shrinking only 3 per cent in June.
Unless there are new political disturbances, he said, foreign investors believed that the Thai economy would enjoy the highest growth in ASEAN.
Foreign capital has flowed into ASEAN, particularly Thailand, in a large amount. Under the circumstances, it might cause the Thai baht to strengthen because a certain amount of the foreign capital is likely to shift into the stock market and the commodity market for speculative purposes.
Exports will remain Thailand's main income earner although many worry that the export sector will be hard hit by economic troubles in the United States and Europe.
He pointed out that Thailand’s export structure had already changed considerably, no longer relying on the US and Europe as the main destinations.
“Now, Australia is Thailand’s top export destination with ASEAN becoming second. The export portion in the US and Europe drops from 20 per cent
and 16-17 per cent to 10 per cent. Some European countries are experiencing huge debt burdens and current account surpluses. It may make
the Euro weaken further. (MCOT online news)
