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Thailand’s GDP Likely to Grow by 7 Percent in 2010
Source: thailand.prd.go.th
Source Date: Wednesday, July 28, 2010
Focus: Electronic and Mobile Government
Country: Thailand
Created: Aug 01, 2010

With several positive factors in its favor, Thailand’s economic growth for 2010 is likely to expand significantly. The Bank of Thailand has decided to adjust its forecast for the country’s GDP this year from a range of 4.3 to 5.8 percent to between 6.5 and 7.5 percent.

According to Mr. Paiboon Kittisrikangwan , Assistant Governor of the Bank of Thailand, the adjustment was made because Thailand’s economy in the first quarter of 2010 grew by 12 percent. The growth rate in the second quarter is likely to stand at 7 percent.

Moreover, he said, the global economy is picking up, which contributes to the growth of Thai exports, while impacts from the recent political unrest have been on a limited scale. Thai exports are expected to expand by 24.5 to 27.5 percent and imports by 34 to 37 percent. The Thai tourism industry has also shown signs of improvement.

Even so, the central bank sill maintains its forecast for the economic growth in 2011 at between 3 and 5 percent. Thai exports next year are projected to grow by 7 to 10 percent and imports 9.5 to 12.5 percent.

In his recent remarks on Thailand’s investment environment, Prime Minister Abhisit Vejjajiva pointed out that economic storm has finally passed as far as Thailand is concerned. The economy has pulled through and remains strong. Both as a country and as a people, Thailand has demonstrated time and time again its remarkable resilience. Every time that it faces a crisis, it learns some lessons and use them to build a more stable and solid future.

He quoted figures of the first five months of this year showing that Thailand’s exports grew by about 35 percent, and Thailand is now confident that a target of 18 percent growth for the whole year is achievable for exports. Even tourism in the first three months grew by almost 30 percent. And the combination of faster-than-expected first- quarter growth, global economic recovery’s boost to the export sector, and the revival of domestic spending has led Thailand to increase its GDP growth projections. The International monetary Fund has been even more upbeat; it has recently made an upward revision of its projection of Thailand’s economic growth to 7 percent.

The Prime Minister also said that despite the political situation in April and May this year, the number of investment applications for promotion from the Board of Investment during the first half of this year increased by 50 percent year-on-year. The value of projects concerning the applications was also up by 7.8 percent, compared with the same period last year. The value of total foreign investment applications nearly reached 100 billion baht, almost double the first half of 2009. This reflects that both global and domestic economies are back on track.
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