Setback For Thai Economic Growth Over Last 5 Years

[webfact]

Setback for Thai economic growth over last 5 years

BANGKOK, Sept 1 - Thailand’s economic growth under the 10th National Economic and Social Development Plan (2006-2011) would not reach the projected five per cent growth rate, according to a senior economic official.

Porametee Vimolsiri, deputy secretary general of the National Economic and Social Development Board (NESDB), said Friday that Thailand would see economic growth of only 2.6 per cent which is lower than the 5.7 percent growth enjoyed under the 9th Plan, mainly due to the global economic crisis, stronger Thai and US currencies, internal political conflicts and unrest, natural disasters and the 2011 massive floods.

“The country’s performance in the first few years under the 10th Plan was satisfactory, but the massive floods in the final year had turned around everything, despite an improvement in decreasing logistics cost,” he said.

Thailand will have to rely less on the global economy and concentrate more on local economic stimulations, he added.

According to a preliminary report on the 10th Plan, Thailand’s economy had slowed down in the first three year of the plan, especially in 2009 when economic growth slipped to a low of 2.3 per cent before surging up to 7.8 percent in 2010, only to be battered by the historic floods in late 2011. The massive floods severely affected the industrial sector, resulting in economic growth of only 0.1 percent.

He reported that employment in the agriculture sector has reduced from 40.2 per cent to 39 per cent, while the service sector has suffered similar setback with a decline from 44.2 per cent to 41.4 per cent.

Employment in the industrial sector has, however, increased from 15.6 per cent to 19.5 per cent, indicating an increasing importance of the industrial and service sectors.

Savings among Thai people have improved, with the gap between highest-income and lowest-income groups reducing from 13 folds to 11 folds, while public debts vis-?-vis GDP showed an increase from 36.9 per cent to 42.2 per cent. The budget deficit increased from Bt150 billion to Bt400 billion in 2011. (MCOT online news)

-- TNA 2012-09-01

[Ricardo]

This growth-plan covers 5 years, ending 8 months ago, in December 2011.

Yet the OP says "would not reach" and "would see", as though the plan is still running ?

Don't the poo-yais of the NESDB know what growth was achieved, eight months after the end, of the period covered ?

If they can't find major economic-statistics, several months later, can their planning be all that more-effective or useful ?

[Pib]

Porametee Vimolsiri, deputy secretary general of the National Economic and Social Development Board (NESDB), said Friday that Thailand would see economic growth of only 2.6 per cent which is lower than the 5.7 percent growth enjoyed under the 9th Plan, mainly due to the global economic crisis, stronger Thai and US currencies, internal political conflicts and unrest, natural disasters and the 2011 massive floods.

Real world events will do that to a country versus using best case (hopeful) projections.

[Skywalker69]

It can´t be true, must be another white lie. Edited September 1, 2012 by Skywalker69

[chainarong]

The forecast is for turbulence through 2013, for the world , not only Thailand, but all in the region will be in for a rough ride economically, the stall warning alarms might even activate.Time for a cuppa.

[Thai at Heart]

Coups, riots, and virtual insurrection will do that to an economy.

Oh, and floods too.

What next, fatal disease (bird flu), natural catastrophe, (tsunami).

I would hazard a guess that Thailand hasn't had a single year in the last 10 that hasn't had a serious factor impinging on its gdp.

Thailand, land of natural and man made screw ups

[noitom]

And this comes as a total surprise following the global news of the past two years.

[Ricardo]

The GFE has been running for five years now, amazing how time flies, in the rest of the world ?

Yet up here in Chiang Mai things are booming, seems like a new moo-ban on row of shop-houses starts every week, in our area !

New shopping-malls are underway, foundations for new condos are going-in, land's being topped-up, land-prices are soaring and many local farangs view it as a possible bubble.

Europe would love to be doing this badly !

[JoeLing]

According to our highly educated woman in Bangkok;

It's all just in our immagination.

So don't worry, Thailand is booooooming with .... hmmm?