ID :
44393
Thu, 02/05/2009 - 21:15
Auther :
Shortlink :
http://m.oananews.org//node/44393
The shortlink copeid
Three top agencies see 0-2% growth in 2009
BANGKOK, Feb 5 (TNA) - Defying negative growth forecast by a former deputy prime minister earlier this week, a senior Ministry of Finance official said Thursday that three government agencies shared similar assessments, that Thailand's economy this year would not shrink, but will instead expand from 0-2 per cent.
Director-General Somchai Sajjapong of the Fiscal Policy Office emphasised that Thai economic growth would not contract in 2009, but that three government agencies -- the Ministry of Finance, the Bank of Thailand and the National Economic and Social Development Board -- believed the economy would expand between 0-2 per cent.
If the Thai economy contracts by up to 4 per cent as predicted by former deputy prime minister Olarn Chaipravat, it could mean that economic powerhouses such as the US, Japan and the UK had no economic stimulus measures at all to prop up their economies, Mr. Somchai said.
But the facts are that the US has spent more than US$820 billion or 6 per cent of its gross domestic product (GDP) to stimulate its economy, while Japan is spending US$539 billion or 12.3 per cent of its GDP, China has invested US$585 billion or 17.9 per cent of its GDP, Singapore US$13 billion or 8.4 per cent of its GDP and Thailand US$13 billion or 5 per cent of GDP to boost their economies, he said.
Thailand's recently enacted economic stimulus measures are expected to help expand the economy by 2 per cent this year, Mr. Somchai said, adding that next year's growth could rise to 3 per cent if the economy begins recovering from the third quarter this year until 2010 and the government must continue adopting deficit budgets.
The government, he said, plans to issue medium- and long-term measures to implement basic infrastructure projects. (TNA)
Director-General Somchai Sajjapong of the Fiscal Policy Office emphasised that Thai economic growth would not contract in 2009, but that three government agencies -- the Ministry of Finance, the Bank of Thailand and the National Economic and Social Development Board -- believed the economy would expand between 0-2 per cent.
If the Thai economy contracts by up to 4 per cent as predicted by former deputy prime minister Olarn Chaipravat, it could mean that economic powerhouses such as the US, Japan and the UK had no economic stimulus measures at all to prop up their economies, Mr. Somchai said.
But the facts are that the US has spent more than US$820 billion or 6 per cent of its gross domestic product (GDP) to stimulate its economy, while Japan is spending US$539 billion or 12.3 per cent of its GDP, China has invested US$585 billion or 17.9 per cent of its GDP, Singapore US$13 billion or 8.4 per cent of its GDP and Thailand US$13 billion or 5 per cent of GDP to boost their economies, he said.
Thailand's recently enacted economic stimulus measures are expected to help expand the economy by 2 per cent this year, Mr. Somchai said, adding that next year's growth could rise to 3 per cent if the economy begins recovering from the third quarter this year until 2010 and the government must continue adopting deficit budgets.
The government, he said, plans to issue medium- and long-term measures to implement basic infrastructure projects. (TNA)
