Thai central bank upgrades growth forecast

BANGKOK, October 28, 2010 (AFP) - Thailand's economy is growing faster than expected, helped by strong exports, the central bank said Thursday as it upgraded its outlook for this year.

Thailand's gross domestic product (GDP) is now likely to grow at between 7.3 and 8.0 percent in 2010, compared with a July forecast of 6.5-7.5 percent, the Bank of Thailand said.

"Thai exports continue to grow as the global economy is starting to recover," said the bank's assistant governor Paiboon Kittisrikangwan.

But the economy is expected to lose some of its steam next year, with growth forecast to slow to between 3.0 and 5.0 percent.

The central bank held its benchmark interest rate steady at 1.75 percent last week, pausing after two consecutive rises as a faltering global recovery and a soaring baht dimmed the economic outlook.

The Thai economy has shown resilience following mass opposition protests in April and May which sparked violence that left 91 people dead, scared off foreign tourists and paralysed the retail heart of the capital.

GDP grew 10.6 percent in the first half of 2010.

-- (c) Copyright AFP 2010-10-28

"Thai exports continue to grow" is that after EU banned 6 vegetables? or is it because the weak baht?

So if the tourists are not coming, why would exports be growing?

Seems BOT at it again, spinning the non logical s h i t

I think I've finally figure out the rational behind Thai Economic forecasting. Every time Thailand, Bangkok or another Thai city wins some obscure "best city" type poll, the government ups the growth forecast or tourist arrivals prediction for the following year.

So simple it's genius!!

"Thai exports continue to grow" is that after EU banned 6 vegetables? or is it because the weak baht?

So if the tourists are not coming, why would exports be growing?

Seems BOT at it again, spinning the non logical s h i t

Exports are independent of tourists. The Thai export market is booming. As is the Thai economy. The tourist market is dead. BOT isn't spinning anything.

But looks like next year they are projecting a much slower growth rate...

Im sure that when I was skimming through the Bangkok Post (or might have been the nation) the other day there was an article about growth expected to be LESS due to the severe flooding and weak baht