ID :
134443
Sat, 07/24/2010 - 10:41
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http://m.oananews.org//node/134443
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Thai economy likely to grow 6-7% this year, says SCB chief economist
BANGKOK, July 24 – The Thai economy is expected to grow around 6-7 per cent this year, given improvements in many economic indicators in April and May, according to a leading economist.
Siam Commercial Bank Executive Vice President and Chief Economist Dr Sethaput Suthiwart-Narueput predicted the country’s gross domestic product (GDP) in the second quarter would expand at least 7 per cent since many economic indicators in April and May picked up and exports in June surged by 40 per cent from the same month last year.
Given these factors, he sees the GDP during the first half of this year growing around 10 per cent year-on-year.
Dr Sethaput said production in the industrial sector is considered a key drive for Thai economic growth at present. The country's main exports, which are growing satisfactorily now, are industrial products such as vehicles, electronics, electrical appliances, and machinery.
Only will the industrial sector growth contribute to the GDP growth of almost 6 per cent in second quarter of this year, he said.
He allowed some segments of the service sector including hotels and restaurants would be negatively affected by the decreased number of tourists. But other segments including transport and trade would continue expanding due to the recovery of exports and domestic consumption.
Since economic recovery in the first half of this year had been driven by improved industrial production and increased exports, he said, economic growth is likely to ease in the second half of the year in tandem with an expected slowdown of the global economy due to economic fragility in the United States, the debt crisis in Europe, and Beijing’s efforts to reduce China's economic heating.
“On average, Thailand’s GDP for 2010 is likely to grow around 6-7 per cent, which is considered sound. The improved figures result from the hefty economic growth in the 1st half of this year. But if the global economy begins to slow down, the country’s economic growth will ease in the second half of the year. (MCOT online news)
Siam Commercial Bank Executive Vice President and Chief Economist Dr Sethaput Suthiwart-Narueput predicted the country’s gross domestic product (GDP) in the second quarter would expand at least 7 per cent since many economic indicators in April and May picked up and exports in June surged by 40 per cent from the same month last year.
Given these factors, he sees the GDP during the first half of this year growing around 10 per cent year-on-year.
Dr Sethaput said production in the industrial sector is considered a key drive for Thai economic growth at present. The country's main exports, which are growing satisfactorily now, are industrial products such as vehicles, electronics, electrical appliances, and machinery.
Only will the industrial sector growth contribute to the GDP growth of almost 6 per cent in second quarter of this year, he said.
He allowed some segments of the service sector including hotels and restaurants would be negatively affected by the decreased number of tourists. But other segments including transport and trade would continue expanding due to the recovery of exports and domestic consumption.
Since economic recovery in the first half of this year had been driven by improved industrial production and increased exports, he said, economic growth is likely to ease in the second half of the year in tandem with an expected slowdown of the global economy due to economic fragility in the United States, the debt crisis in Europe, and Beijing’s efforts to reduce China's economic heating.
“On average, Thailand’s GDP for 2010 is likely to grow around 6-7 per cent, which is considered sound. The improved figures result from the hefty economic growth in the 1st half of this year. But if the global economy begins to slow down, the country’s economic growth will ease in the second half of the year. (MCOT online news)
