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78548
Sat, 09/05/2009 - 18:25
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http://m.oananews.org//node/78548
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Experts say Thai economy begins recovery
BANGKOK, Sept 5 (TNA) -- Purchase orders for Thai goods are on the rise, thanks to improvement in the world economy as some Thai manufacturers are using 100 per cent of their production capacity, and the country’s gross domestic product (GDP) is expected to contract only about 3 per cent at the end of 2009, experts said.
Payungsak Chartsutipol, vice chairman of the Federation of Thai Industries (FTI), told participants attending a seminar that manufactured goods stocks by the private sector have started declining due to the increased purchase orders from overseas while average production capacity has risen to 60 per cent from 50 per cent previously.
Production in some industrial sectors has currently reached 100 per cent and directions of Thai exports should become clearer in the second quarter of 2010 after a number ofl countries have issued measures to stimulate their economies, said Mr. Payungsak.
He said the government-sponsored Stronger Thai 2012 project, officially launched on Friday, would be a key drive on economy as most projects, except for the mass transit rail projects, are continuing ones, not newly initiated.
Prime Minister Abhisit Vejjajiva said during the opening ceremony of the project that the second round of the economic stimulus package would create investment opportunities with a Bt1.43 trillion action plan to be implemented from 2010 to 2012.
Meanwhile, academic Somjai Phagaphasvivat said at a seminar that the Thai economy depends on exports and tourism as much as 70 per cent, with a sharp economic improvement of the country’s key trading partners including the US, the EU, China, Japan and the Association of Southeast Asian Nations (ASEAN), Thailand’s exports could increase and its GDP should contract only 3 per cent by the end of 2009.
Mr Somjai said he was optimistic that Thailand’s economy should grow between 2-3 per cent next year because manufacturers have gained more confidence and increased production.
As ASEAN of which Thailand is a member will turn to become ASEAN Community in 2015, it is necessary for the government to set target to assist local industries which would be impacted during the next 5-10 years, said Mr Somjai.
The government has in the past given its financial and marketing assistance only to these industries, including small and medium-sized enterprises, and not on improving their competitiveness so that they could compete with the world market, Mr Somjai added. (TNA)
Payungsak Chartsutipol, vice chairman of the Federation of Thai Industries (FTI), told participants attending a seminar that manufactured goods stocks by the private sector have started declining due to the increased purchase orders from overseas while average production capacity has risen to 60 per cent from 50 per cent previously.
Production in some industrial sectors has currently reached 100 per cent and directions of Thai exports should become clearer in the second quarter of 2010 after a number ofl countries have issued measures to stimulate their economies, said Mr. Payungsak.
He said the government-sponsored Stronger Thai 2012 project, officially launched on Friday, would be a key drive on economy as most projects, except for the mass transit rail projects, are continuing ones, not newly initiated.
Prime Minister Abhisit Vejjajiva said during the opening ceremony of the project that the second round of the economic stimulus package would create investment opportunities with a Bt1.43 trillion action plan to be implemented from 2010 to 2012.
Meanwhile, academic Somjai Phagaphasvivat said at a seminar that the Thai economy depends on exports and tourism as much as 70 per cent, with a sharp economic improvement of the country’s key trading partners including the US, the EU, China, Japan and the Association of Southeast Asian Nations (ASEAN), Thailand’s exports could increase and its GDP should contract only 3 per cent by the end of 2009.
Mr Somjai said he was optimistic that Thailand’s economy should grow between 2-3 per cent next year because manufacturers have gained more confidence and increased production.
As ASEAN of which Thailand is a member will turn to become ASEAN Community in 2015, it is necessary for the government to set target to assist local industries which would be impacted during the next 5-10 years, said Mr Somjai.
The government has in the past given its financial and marketing assistance only to these industries, including small and medium-sized enterprises, and not on improving their competitiveness so that they could compete with the world market, Mr Somjai added. (TNA)
