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173849
Thu, 04/07/2011 - 14:23
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ADB: Thai economy will grow 4.1 per cent this year
BANGKOK, April 7 (TNA) - The Asian Development Bank (ADB) said in an updated report released on Thursday that the Thai economy should see a moderate growth of some 4.1 per cent in 2011, despite a setback faced by Thailand's major trading partners and soaring world commodity and oil prices.
Senior ADB country economist for Thailand Dr. Luxnon Attapich told a press conference in Bangkok on the Thai economy's positive prospect a year ahead, boosted by expansions in the domestic private consumption and higher investment opportunities.
Dr. Luxnon said, according to the ADB’s annual economic publication, the Asian Development Outlook (ADO 2011), Thailand’s gross domestic product (GDP) is expected to reach 4.8 per cent in 2012, noting that the Thai economic recovery has come despite a downturn faced by major industrial economies, namely those in the Euro Zone and Japan. The senior ADB regional economist, however, warned that the moderate growth may send Thailand’s inflation rates up to 3.5 per cent this year, although a reverse to 3.0 per cent is expected in 2012.
The Manila-based ADB also projected sound investment outlook during Thailand's upcoming general election later this year, thanks to the Thai government's spending on national projects, such as the Democrat’s “Thai Khem Khaeng” scheme, despite fears over impacts from political problems in the country.
Speaking of impacts on the Thai economy from Japan's natural disaster crisis, Luxnon mentioned only short term disruptions to the country’s automobile and electronic industries, but cautioning that damage from current floods in southern Thailand should weigh more heavily on the local farm sector, possibly in the 2nd quarter of this year; while the affected Thai tourism in the southern region should recover quickly.
Also present at the press conference was the ADB Country Director for Thailand, Craig Steffenson, who insisted that ADB will continue to catalyse Thailand on its development capacity, as well as the promotion of its new Public-Private Partnerships (PPP Act) to draw more foreign investment into the country.
Furthermore, Craig underlined a direct link between economic growth and poverty alleviation for Southeast Asian countries, noting that commitments from each member state will become building blocks for a planned regional integration of the Association of Southeast Asian Nations (ASEAN), known as the ASEAN Economic Community (AEC), by 2015, with regional political stability to further promote and contribute to its socio-economic developments.
Meanwhile, ADB said that Asia's overall economic recovery has been firm, with an average growth in the region expected to reach 8 per cent over the next two years, driven by emerging markets, like China and India, while the overall Southeast Asian economy is expected grow by 7.8 per cent in 2011. (TNA)
Senior ADB country economist for Thailand Dr. Luxnon Attapich told a press conference in Bangkok on the Thai economy's positive prospect a year ahead, boosted by expansions in the domestic private consumption and higher investment opportunities.
Dr. Luxnon said, according to the ADB’s annual economic publication, the Asian Development Outlook (ADO 2011), Thailand’s gross domestic product (GDP) is expected to reach 4.8 per cent in 2012, noting that the Thai economic recovery has come despite a downturn faced by major industrial economies, namely those in the Euro Zone and Japan. The senior ADB regional economist, however, warned that the moderate growth may send Thailand’s inflation rates up to 3.5 per cent this year, although a reverse to 3.0 per cent is expected in 2012.
The Manila-based ADB also projected sound investment outlook during Thailand's upcoming general election later this year, thanks to the Thai government's spending on national projects, such as the Democrat’s “Thai Khem Khaeng” scheme, despite fears over impacts from political problems in the country.
Speaking of impacts on the Thai economy from Japan's natural disaster crisis, Luxnon mentioned only short term disruptions to the country’s automobile and electronic industries, but cautioning that damage from current floods in southern Thailand should weigh more heavily on the local farm sector, possibly in the 2nd quarter of this year; while the affected Thai tourism in the southern region should recover quickly.
Also present at the press conference was the ADB Country Director for Thailand, Craig Steffenson, who insisted that ADB will continue to catalyse Thailand on its development capacity, as well as the promotion of its new Public-Private Partnerships (PPP Act) to draw more foreign investment into the country.
Furthermore, Craig underlined a direct link between economic growth and poverty alleviation for Southeast Asian countries, noting that commitments from each member state will become building blocks for a planned regional integration of the Association of Southeast Asian Nations (ASEAN), known as the ASEAN Economic Community (AEC), by 2015, with regional political stability to further promote and contribute to its socio-economic developments.
Meanwhile, ADB said that Asia's overall economic recovery has been firm, with an average growth in the region expected to reach 8 per cent over the next two years, driven by emerging markets, like China and India, while the overall Southeast Asian economy is expected grow by 7.8 per cent in 2011. (TNA)
