ID :
37180
Wed, 12/24/2008 - 18:14
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http://m.oananews.org//node/37180
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Thai economic growth projected at only 1% in 2009
Thai economic growth projected at only 1% in 2009
BANGKOK, Dec 24 (TNA) -- Thailand's economy is expected to grow by only 1 per cent in 2009 due to weak local spending and declines in exports and services, a senior finance ministry official said on Wednesday.
Director-General Somchai Sajjapong of the Fiscal Policy Office said Thailand's exports and services in 2009 are projected to fall sharply, in line with economic slowdown in many of the country's trading partners.
Thailand's inflation in 2009 is expected to fall to 1 per cent, thanks to a sharp decline in oil prices while the current account will sustain a deficit at 1.4 per cent of total gross domestic product (GDP).
Private consumption is estimated to expand by 2.2 per cent due to the fall of household income due to the decline in farm product prices in the world market plus uncertainties in employment.
Private sector investment in 2009 is expected to expand by only 3 per cent as most investors are adopting a wait-and-see on the global and Thailand's economy directions before making decisions.
Because of the rapid global economic meltdown, Thailand's exports and services next year are expected to retreat to 0.6 per cent while imports are projected to also fall 1.2 per cent.
In the latest revision of the country's economic performance, Mr. Somchai said the 2008 economy is now expected to grow by only 3 per cent, down sharply from 4.9 per cent in 2007 and 5.1 per cent projected the last time in September.
The inflation analysis for 2008 has been revised and is now expected to fall to 5.6 per cent from the 6.3 per cent projected earlier while the current account is to suffer a deficit of 1.5 per cent of GDP, said Mr. Somchai. (TNA)
BANGKOK, Dec 24 (TNA) -- Thailand's economy is expected to grow by only 1 per cent in 2009 due to weak local spending and declines in exports and services, a senior finance ministry official said on Wednesday.
Director-General Somchai Sajjapong of the Fiscal Policy Office said Thailand's exports and services in 2009 are projected to fall sharply, in line with economic slowdown in many of the country's trading partners.
Thailand's inflation in 2009 is expected to fall to 1 per cent, thanks to a sharp decline in oil prices while the current account will sustain a deficit at 1.4 per cent of total gross domestic product (GDP).
Private consumption is estimated to expand by 2.2 per cent due to the fall of household income due to the decline in farm product prices in the world market plus uncertainties in employment.
Private sector investment in 2009 is expected to expand by only 3 per cent as most investors are adopting a wait-and-see on the global and Thailand's economy directions before making decisions.
Because of the rapid global economic meltdown, Thailand's exports and services next year are expected to retreat to 0.6 per cent while imports are projected to also fall 1.2 per cent.
In the latest revision of the country's economic performance, Mr. Somchai said the 2008 economy is now expected to grow by only 3 per cent, down sharply from 4.9 per cent in 2007 and 5.1 per cent projected the last time in September.
The inflation analysis for 2008 has been revised and is now expected to fall to 5.6 per cent from the 6.3 per cent projected earlier while the current account is to suffer a deficit of 1.5 per cent of GDP, said Mr. Somchai. (TNA)
