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Thai GDP lowered to 4.2% responding to volatile global market
By English News

BANGKOK, July 23 – The reduction of Thailand’s 2013 gross domestic product (GDP) goal by the Monetary Policy Committee (MPC) from 5.1 per cent to 4.2 per cent is realistic and in accord with the regional economy and export slowdown, central bank governor Prasarn Trairatvorakul said today.

He said the government’s stimulus through investment for mega infrastructure projects will contribute to the country’s economic efficiency in the long run and possibly bring next year’s economic growth back to 5 per cent.

Thai economic growth has slowed in the last decade, from a GDP expansion of 8-9 per cent to slightly over 4 per cent given the labour shortage and lack of new innovation which has negatively impacted the manufacturing sector, Mr Prasarn said.

He called on the government to give more emphasis to developing production efficiency to boost the country’s competitive edge, indicating that monetary policy alone was insufficient to drive economic growth.

The Bank of Thailand governor warned that the Thai economy in the second half of the year remains volatile in tandem with the global market, especially when the attempted economic solutions of the US and European countries have yet to totally revive stagnation.

The central bank is equipped with mechanisms to monitor capital inflows and outflows but the mechanisms must be used at the right and appropriate timing, or they could affect the overall economy, he said.

He gave assurances that Thailand’s economic fundamentals remain solid with strong international monetary reserves but “we have to keep a close watch on the situation as the market is sensitive to any announcement by the US Federal Reserve on an adjustment of quantitative easing.” (MCOT online news)


-- TNA 2013-07-23

[jbrain]

He said the government’s stimulus through investment for mega infrastructure projects will contribute to the country’s economic efficiency in the long run and possibly bring next year’s economic growth back to 5 per cent.

Never knew that backhanders were included in the GDP.

[NeverSure]

"He said the government’s stimulus through investment for mega infrastructure projects will contribute to the country’s economic efficiency in the long run and possibly bring next year’s economic growth back to 5 per cent."

I wish governments couldn't include their own deficit spending in the GDP. It's like China. You can't really tell where they are, except going deeply into debt.

[Gomyway]

There's nobody able to stand the one-man-show of Ben S. Bernanke, so EVERYTHING WORLDWIDE depends on him only.

[yoshiwara]

There's nobody able to stand the one-man-show of Ben S. Bernanke, so EVERYTHING WORLDWIDE depends on him only.

Another know-nothing spraying nothings. Decisions by the FR are made by the FOMC.

[belg]

by the end of the year it will be 3.5% and everybody will still be happy and blame it on some random reason, as long as it is not their fault and can save face...

maybe the rotten chemical rice has something to do with ?

i really hope no international organisation is that stupid and greedy to hand over a loan on 2.200.000.000.000 baht to these morons

[lovetotravel]

Some don't think all the problems are caused by the "global" market:

http://www.gulf-times.com/business/191/details/360170/as-it-stands-now,-investors-should-be-wary-of-thailand

After successful growth over the past years, the recovery from the 2011 floods, with a thriving capital market and a favourable investment incentive scheme, one could think that Thailand shouldn’t worry about its economic future and the attraction it emanates to global investors.

Wrong.

Under the surface of the country’s smiling attitude are seething troubles, and many economists advise investors to watch the short and even mid-term development in the country from a distance.

With the problems that have piled up with the populist government’s policies, Thai society has started brimming with contradictions that could break into conflict at any time. For the first time since the military coup that ousted former prime minister Thaksin Shinawatra in 2006, anti-government groups have started to hold regular protest marches in Bangkok since June 2013.

Continued....

[drdoom6996]

by the end of the year it will be 3.5% and everybody will still be happy and blame it on some random reason, as long as it is not their fault and can save face...

maybe the rotten chemical rice has something to do with ?

i really hope no international organisation is that stupid and greedy to hand over a loan on 2.200.000.000.000 baht to these morons

+1

[Payboy]

So nothing to do with the rice mountain and higher wages, then.