ID :
153790
Fri, 12/17/2010 - 19:13
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http://m.oananews.org//node/153790
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Expert:Thai economy 2010 is the best in 15 years
BANGKOK,Dec17(TNA)-An expert on economics and business strategies said on Friday (Dec 17) that the Thai economy this year is considered the best in 15 years with a projected growth of 8 per cent.
The expert, Somchai Pakapaswiwat, acknowledged although the world economy has fluctuated, the Thai economy has kept growing with 70 per cent of Thailand's gross domestic product or GDP relying on exports.
Somchai said Thai exports have considerably expanded this year by 25 per cent and the number of international tourist arrivals in the Kingdom is expected to reach 14 million by the end of this year, which will greatly boost the country's GDP, as the Thai government will continue to stimulate the national economy next year through its budget deficit policy with a planned budget deficit of 500 billion baht in the 2012 fiscal year beginning from October 1, 2011.
Besides, businesses in the local private sector have been growing and the Stock Exchange of Thailand or SET index now stands at a high level of about 1,030 points with rising share values. Consequently, domestic consumption has expanded substantially this year and the Thai economy should grow by 7.8-8 per cent on average in 2010.
Somchai forecast that the Thai economy will further expand by at least 3.5-4 per cent or even by 5 per cent next year, and that the US dollar-denominated Thai exports should grow by 12-15 per cent in 2011 and the inflation rate should stand at 3.4-3.5 per cent despite a new wage and salary hike. However,
Somchai said he believes that the Bank of Thailand or BOT's Monetary Policy Committee or MPC will further raise its benchmark interest rate by 0.75-1.25 per cent to contain inflation, and that the Thai baht will further strengthen to 29 baht against the US dollar in the first half of next year and 28 baht against the US dollar in the second half, from around 30 baht against the US dollar now.
The senior expert also foresaw that Thailand will continue to enjoy a current account surplus next year and the national foreign exchange reserves should be as high as 170 billion US dollars.(TNA)
The expert, Somchai Pakapaswiwat, acknowledged although the world economy has fluctuated, the Thai economy has kept growing with 70 per cent of Thailand's gross domestic product or GDP relying on exports.
Somchai said Thai exports have considerably expanded this year by 25 per cent and the number of international tourist arrivals in the Kingdom is expected to reach 14 million by the end of this year, which will greatly boost the country's GDP, as the Thai government will continue to stimulate the national economy next year through its budget deficit policy with a planned budget deficit of 500 billion baht in the 2012 fiscal year beginning from October 1, 2011.
Besides, businesses in the local private sector have been growing and the Stock Exchange of Thailand or SET index now stands at a high level of about 1,030 points with rising share values. Consequently, domestic consumption has expanded substantially this year and the Thai economy should grow by 7.8-8 per cent on average in 2010.
Somchai forecast that the Thai economy will further expand by at least 3.5-4 per cent or even by 5 per cent next year, and that the US dollar-denominated Thai exports should grow by 12-15 per cent in 2011 and the inflation rate should stand at 3.4-3.5 per cent despite a new wage and salary hike. However,
Somchai said he believes that the Bank of Thailand or BOT's Monetary Policy Committee or MPC will further raise its benchmark interest rate by 0.75-1.25 per cent to contain inflation, and that the Thai baht will further strengthen to 29 baht against the US dollar in the first half of next year and 28 baht against the US dollar in the second half, from around 30 baht against the US dollar now.
The senior expert also foresaw that Thailand will continue to enjoy a current account surplus next year and the national foreign exchange reserves should be as high as 170 billion US dollars.(TNA)
