Finance Ministry Upbeat About Thai Economic Growth

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Finance Ministry upbeat about Thai economic growth

BANGKOK: -- The Thai economy is expected to enjoy the highest growth in ASEAN in the eyes of foreign investors unless there are new political disruptions, according to Finance Ministry spokesman Ekniti Nitithanprapas.

Speaking at a seminar on trends in the Thai economy and confidence in the second half of 2010, Mr Ekniti said that given the initial economic data and the export growth of 46.3 per cent in June, the economy in the second quarter of this year is very likely to grow more than 6 per cent against 12 per cent in the first quarter.

During an investment promotion visit to London last week, he said, foreign investors expressed belief that Thailand’s private sector was able to distance itself from the political problems and grow on its own feet.

Although Thai tourism has been negatively affected by the recent political chaos, it recovered quickly, he said, by shrinking only 3 per cent in June.

Unless there are new political disturbances, he said, foreign investors believed that the Thai economy would enjoy the highest growth in ASEAN.

Foreign capital has flowed into ASEAN, particularly Thailand, in a large amount. Under the circumstances, it might cause the Thai baht to strengthen because a certain amount of the foreign capital is likely to shift into the stock market and the commodity market for speculative purposes.

Exports will remain Thailand's main income earner although many worry that the export sector will be hard hit by economic troubles in the United States and Europe.

He pointed out that Thailand’s export structure had already changed considerably, no longer relying on the US and Europe as the main destinations.

“Now, Australia is Thailand’s top export destination with ASEAN becoming second. The export portion in the US and Europe drops from 20 per cent

and 16-17 per cent to 10 per cent. Some European countries are experiencing huge debt burdens and current account surpluses. It may make

the Euro weaken further. (MCOT online news)

-- TNA 2010-07-22

[landofthefree]

I think it was Mark Twain that once wrote that If you are going to tell a lie the best way is to tell a real whopper of a lie or several of them. Did the Finance Ministry amongst other things really say that Tourism is recovering quickly? Call me old fashioned but what I see with my own eyes every day is no tourists where there used to be tourists. I walked around Nana last Friday night it was as quiet as i had ever seen it. Does this ministry really expect anyone to believe them? or perhaps its just to save face from the utter fiasco that's been going on in Thailand in the last several years and still continues going on today.

[bkkjames]

Shrinking only 3 percent in June: a couple of weeks after the war? Meanwhile if you search a little bit you find that hotels during June were down double digits YOY.

Guess all the tourists were staying on the street. 

[bkkjames]

Shrinking only 3 percent in June: a couple of weeks after the war? Meanwhile if you search a little bit you find that hotels during June were down double digits YOY.

Guess all the tourists were staying on the street.

[RedNIvar]

Well, I guess someone has to remain upbeat about the Thai economy.

[kuffki]

Monday-Thai Gov employs USA based firm to help boost economy

Tuesday-Thai Gov is worried as debt is rising

Wed-Tourist number are low

Thursday-Thai economy is doing great and growing from a mosquito to an elephant

I wonder what would be Fridays headlines:blink:

[hoaker]

Holy Moly Thailand is the new China with awesome economic growth.....What inflated numbers those are. I wonder how much local investors here mislead and misrepresent actual financial and economic data. Even most people know that SET has a lot of front running and market manipulation, among the rest of other things