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150735
Mon, 11/22/2010 - 19:21
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http://m.oananews.org//node/150735
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2010 Thai economic growth revised up to 7.9%: NESDB
BANGKOK, Nov 22 – Thailand's economic growth forecast for 2010 has been upwardly revised to grow by 7.9 per cent, higher than earlier forecast at 7-7.5 per cent while the economic growth in the third quarter rose by 6.7 per cent year-on-year, National Economic and Social Development Board (NESDB) Secretary-General Arkhom Termpittayapaisith said on Monday.
Growth of Thailand's gross domestic product (GDP) in the third quarter was driven by global economic recovery, improving investors’ confidence, more farm incomes as well as strong tourism and export growths.
Both tourism and exports are key factors supporting the GDP, Mr Arkhom added.
Meanwhile, the country’s economy in the first nine months of this year grew by 9.3 per cent compared to the same period last year, supported by the global economic recovery and continued improvement of domestic demand.
Apart from revising the GDP projection for the whole year, the NESDB forecast a 25.1 per cent expansion of exports, a 5 per cent rise in private consumption and a 9.7 per cent growth in investment. It also viewed that inflation likely to stay at around 3.2 per cent.
The secretary-general explained that although Thai economy has grown steadily, the Gross Domestic Product (GDP) shrank by 0.2 per cent in the three months through September from the previous quarter, when it contracted by a revised 0.6 percent.
Serious flooding in the second half of this year has had a drastic effect on crops and agricultural production and will impact the performance of the agricultural sector in the first quarter of 2011, resulting in headline inflation to be in a range of 2.5-3.5 per cent.
The key economic indicators involved in the steady growth of Thai economy were the global economic expansion despite its slowdown in the first half of this year, the rising exports to markets in the ASEAN region, new industrial countries and China as well as continual investment in the country owing to more orders of exports and domestic consumption.
The baht appreciation caused entrepreneurs and investors to speed up their projects and to stimulate the private investment.
Meanwhile, the exports in the last quarter of this year will not hard hit by the strong baht as agreement on sales and orders were completed.
Regarding the tourism sector, the agency said that the tourism industry will be better and projected that foreign tourist arrivals will reach 4 million in the fourth quarter as well.
In the latest revised economic projection, NESDB also forecast that next year Thailand's GDP would stand 3.5-4.5 per cent, the headline inflation would be up to between 2.5-3.5 per cent, current account deficit would grow by 2.3 per cent and the foreign tourist arrivals would rise to 15.8 million from 15.2 million in 2010.
Following the economic outlook for 2011, the agency identified risks and limitations related to Thai economic growth including fragile global economic recovery, and the unstable internal political situation -- particularly the upcoming general election late 2011 which may affect the country’s economic policy.
The NESDB viewed that Thailand's political condition remained unstable despite the quite relative calm in the second half of 2010 and that will affect the continuation of policy implementation and the administration.
That will also dent investor confidence and may deter foreign investment in Thailand.
In related factors, agricultural production and farm income face a risk from weather fluctuation, in particular the recent severe flooding nationwide and the baht appreciation against US dollar as well as capital influx from major economies which bring about the continual appreciation of the Thai baht. (MCOT online news)
Growth of Thailand's gross domestic product (GDP) in the third quarter was driven by global economic recovery, improving investors’ confidence, more farm incomes as well as strong tourism and export growths.
Both tourism and exports are key factors supporting the GDP, Mr Arkhom added.
Meanwhile, the country’s economy in the first nine months of this year grew by 9.3 per cent compared to the same period last year, supported by the global economic recovery and continued improvement of domestic demand.
Apart from revising the GDP projection for the whole year, the NESDB forecast a 25.1 per cent expansion of exports, a 5 per cent rise in private consumption and a 9.7 per cent growth in investment. It also viewed that inflation likely to stay at around 3.2 per cent.
The secretary-general explained that although Thai economy has grown steadily, the Gross Domestic Product (GDP) shrank by 0.2 per cent in the three months through September from the previous quarter, when it contracted by a revised 0.6 percent.
Serious flooding in the second half of this year has had a drastic effect on crops and agricultural production and will impact the performance of the agricultural sector in the first quarter of 2011, resulting in headline inflation to be in a range of 2.5-3.5 per cent.
The key economic indicators involved in the steady growth of Thai economy were the global economic expansion despite its slowdown in the first half of this year, the rising exports to markets in the ASEAN region, new industrial countries and China as well as continual investment in the country owing to more orders of exports and domestic consumption.
The baht appreciation caused entrepreneurs and investors to speed up their projects and to stimulate the private investment.
Meanwhile, the exports in the last quarter of this year will not hard hit by the strong baht as agreement on sales and orders were completed.
Regarding the tourism sector, the agency said that the tourism industry will be better and projected that foreign tourist arrivals will reach 4 million in the fourth quarter as well.
In the latest revised economic projection, NESDB also forecast that next year Thailand's GDP would stand 3.5-4.5 per cent, the headline inflation would be up to between 2.5-3.5 per cent, current account deficit would grow by 2.3 per cent and the foreign tourist arrivals would rise to 15.8 million from 15.2 million in 2010.
Following the economic outlook for 2011, the agency identified risks and limitations related to Thai economic growth including fragile global economic recovery, and the unstable internal political situation -- particularly the upcoming general election late 2011 which may affect the country’s economic policy.
The NESDB viewed that Thailand's political condition remained unstable despite the quite relative calm in the second half of 2010 and that will affect the continuation of policy implementation and the administration.
That will also dent investor confidence and may deter foreign investment in Thailand.
In related factors, agricultural production and farm income face a risk from weather fluctuation, in particular the recent severe flooding nationwide and the baht appreciation against US dollar as well as capital influx from major economies which bring about the continual appreciation of the Thai baht. (MCOT online news)
