ECONOMY

BOT cuts export forecast to 4.4%

The Nation

BANGKOK: -- Bank of Thailand has slashed the 2012 export target to only 4.4 per cent, the action that explained why it announced the surprise policy rate cut last week.

Though lowering the export target from 7 per cent, the central bank maintains the economic growth forecast at 5.7 per cent. However, it cut the 2013 forecast from 5 per cent to 4.6 per cent.

On Oct 27, the central bank’s Monetary Policy Committee surprised the market with the cut in the policy rate by 25 basis points to 2.75 per cent. The lower rate is widely expected not to spur lending growth, but to slow down capital inflows which increase as a result of quantitative easing in developed economies.

Larger inflows would strengthen the Thai baht and hence pressure Thailand’s export.

In the first nine months of this year, Thailand’s export decliened 1.13 per cent from the same period last year.

-- The Nation 2012-10-26

Wasn't it barely a few months ago that they said with a cast iron fist = "None of this will impact our exports referring to the financial turmoils in Europe and specifically Greece, Spain etc...??... And kept insisting on a growth of 15%..?? Hell even then when they made this statement we all knew they were talking trough their hats and said to ourselves ......Right!! And now they just shamelessly say .."Ooops , more like 4.4 % !! " WTH... How can they be so shameless and just a few months later CASUALLY chop this figure by 75%.... And what amazes me the most is that the Thai People don't even have / voice a statement / reaction to this and I am not talking about the street food vendors but rather the ones it is impacting .= the Exporters... Or are they just smarter and have taken the reports as baloney and arranged and braced themselves for this big downfall...?? I am just consrantly amazed at how this government at all levels just keeps blatently lying to the obviously blind public and get away with it... Mind Boggling

Wasn't it barely a few months ago that they said with a cast iron fist = "None of this will impact our exports referring to the financial turmoils in Europe and specifically Greece, Spain etc...??... And kept insisting on a growth of 15%..?? Hell even then when they made this statement we all knew they were talking trough their hats and said to ourselves ......Right!! And now they just shamelessly say .."Ooops , more like 4.4 % !! " WTH... How can they be so shameless and just a few months later CASUALLY chop this figure by 75%.... And what amazes me the most is that the Thai People don't even have / voice a statement / reaction to this and I am not talking about the street food vendors but rather the ones it is impacting .= the Exporters... Or are they just smarter and have taken the reports as baloney and arranged and braced themselves for this big downfall...?? I am just consrantly amazed at how this government at all levels just keeps blatently lying to the obviously blind public and get away with it... Mind Boggling

It OK!! the Thai government is allowed to tell little white lies - even if it was actually a giant porker!!!