World Bank poised to cut Thailand's GDP forecast

[webfact]

World Bank poised to cut Thailand's GDP forecast

BANGKOK, 22 November 2013 (NNT) - The World Bank is set to cut its forecast for Thailand’s economic growth for this year again from 4-4.5 per cent it had projected last month.

The downward revision is attributed to lower-than-expected general economic expansion and exports in the third quarter. Thailand's export outlook will also be slashed to only 1 per cent this year.

Thailand-based senior economist of the World Bank Kirida Bhaopichitr said the country’s ongoing political turmoil may not have had an impact on domestic consumption but is expected to affect the tourism sector in the long run.

She added that the kingdom’s growth rate in 2014 will depend on the global recovery from the uncertainty surrounding the impact of the withdrawal of monetary stimulus by the advanced economies.

The Thai government is urged to speed up investments in the 2-trillion-baht mega infrastructure projects and the water management scheme in a bid to boost the economy.

Thailand's GDP forecasts for 2013 and 2014 had already been cut down to 4 per cent and 4.5 per cent respectively, from 5.3 per cent and 5 per cent in the April forecast.


-- NNT 2013-11-22

[NeverSure]

"The Thai government is urged to speed up investments in the 2-trillion-baht mega infrastructure projects and the water management scheme in a bid to boost the economy."

The economy of "a few."

(While burying the rest in debt.)

Gee, just a few more big debt-driven stimulus programs and Thailand can be right up there with the West.

[Thainy Tim]

No doubt the Finance minister will reject the forecast. Just as well he can't seek to impeach the World Bank, or that would have been in tomorrows news.

[Thai at Heart]

Huh?

Didn't the thai ministry itself say e growth was down to 3.5% last month already?

[NeverSure]

If it weren't for the fact that Thailand is the world's Hub leading exporter of rice... Oh wait...

[dru2]

Huh?

Didn't the thai ministry itself say e growth was down to 3.5% last month already?

Read:

'Thailand's GDP forecasts for 2013 and 2014 had already been cut down to 4 per cent and 4.5 per cent respectively, from 5.3 per cent and 5 per cent in the April forecast'.

So somebody's out by 0.5%...maybe. Big deal already, and in no way changes the overall picture of a downward spiral.

[Ricardo]

Huh?

Didn't the thai ministry itself say e growth was down to 3.5% last month already?

Was it the Finance Minister, or the Commerce Minister, who admitted a week ago that this forecast also was now out-of-date, and GDP-growth for the whole year would come in at about 1%, ie. only the first-quarter had seen any growth ?

So the World Bank is merely reinforcing what government have already admitted.

[Neilly]

So the World Bank is merely reinforcing what government have already admitted.

You mean they got something right for once...I am truly shocked

[NeverSure]

So the World Bank is merely reinforcing what government have already admitted.

You mean they got something right for once...I am truly shocked

Well, I think the World Bank gets its information from the Thai Government. I don't think they actually audit the figures.

They missed two pairs of shoes and one new handbag which would have put the numbers over the top.

[bigbamboo]

Huh?

Didn't the thai ministry itself say e growth was down to 3.5% last month already?

Was it the Finance Minister, or the Commerce Minister, who admitted a week ago that this forecast also was now out-of-date, and GDP-growth for the whole year would come in at about 1%, ie. only the first-quarter had seen any growth ?

So the World Bank is merely reinforcing what government have already admitted.

I think you must be referring to Tuesday's forecast, which replaced Monday's which was deemed out of date. That in turn was further updated on Wednesday and later adjusted on Thursday to take into account external factors. Kittikat was playing golf on Friday.

[JoeThePoster]

cut its forecast for Thailand’s economic growth for this year again from 4-4.5 per cent it had projected last month

I bet the PhD's dreamt that one up.

[Thai at Heart]

Huh?

Didn't the thai ministry itself say e growth was down to 3.5% last month already?

Read:

'Thailand's GDP forecasts for 2013 and 2014 had already been cut down to 4 per cent and 4.5 per cent respectively, from 5.3 per cent and 5 per cent in the April forecast'.

So somebody's out by 0.5%...maybe. Big deal already, and in no way changes the overall picture of a downward spiral.

Well, rarely would an estimate down go above that of a government. You think the government is being deliberately conservative? Or that the world bank is overestimating what the government itself says for any particular reason?

[fredob43]

If I remember right didn't some plonker in the government at the beginning of the year state that Thailand would have 9/10% GDP this year seem's to gone down hill a bit What.

[belg]

they gonna boost something

the deep pockets of a happy few politicians

and let the next generations pay for the theft