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Bank of Thailand expects 5% Thai economic growth

BANGKOK, March 3 – Bank of Thailand (BoT) Deputy Governor Krirk Vanikkul on Tuesday projected that the Thai economy would grow around 5 per cent this year, boosted by the improved global economy.

Speaking at a seminar on “Perspectives for Thai Economy in the Rabbit Year 2011," he said the world economy this year is expected to perform better than that of last year as a result of the economic recovery of the United States and Japan.

The debt problems facing governments in the European Union countries remain a key risk factor since more countries in the EU experienced higher debt burdens.

But since the overall economies of the Group-3 countries--the US, EU, and Japan--have improved, export-oriented economies such as that of China should enjoy continued growth.

It would contribute to Thailand’s export growth this year. However, the central bank believed the Thai economy this year will expand around 3-5 per cent compared with 7.8 per cent last year.

“Unless there are local disturbances negatively impacting the economy, it is expected [Thailand's] economy will grow 5 per cent rather than 3 per cent this year.

"Should the political violence in Libya escalate and spill into Middle Eastern countries, oil prices are likely to soar further, and will definitely affect Thai economic growth,” he said. (MCOT online news)

-- TNA 2011-03-03