Thai GDP lowered from 4% to 2.4%

[webfact]

Thai GDP lowered from 4% to 2.4%
By Digital Content



BANGKOK, March 31 - Thailand's long-standing political turmoil has compelled the Finance Ministry to lower this year's gross domestic product (GDP) projection from 4 per cent to 2.4 per cent, according to a senior official.

Ekniti Nitithanprapas, deputy director general of Fiscal Policy Office (FPO), said the political conflicts have severely affected domestic consumption and investment, and impacted tax collections of three significant departments - Revenue, Excise and Customs - in the last five months.

The Customs Department's declining revenue from value added tax from imported goods reflected a slowdown in imports of capital goods and raw materials, he said.

The political unrest has impacted several indicators given the caretaker government's inability to fully stimulate the economy and the new policy was aborted, said Mr Ekniti.

The only hope is for the public sector to speed up spending the 2014 budget, set at Bt2.525 trillion or 20 per cent of GDP, predicting an improved economy if disbursement of national budget reaches 90-95 per cent of the target.

He expressed deep concern about the delay in mapping out the 2015 budget which will severely affect public spending and state investment.

"In the past, a budget bill was delayed 4-5 months at the most. If the new government takes office in the third quarter, we will have enough time to work out the budget, otherwise the economy will be severely hit," he said. (MCOT online news)


-- TNA 2014-03-31

[londonthai]

and everyday lower, now 2.4, down from 2.6 from 28.3 "Finance Ministry axes economic growth projection from 4% to 2.6%" http://www.thaivisa.com/forum/topic/714523-finance-ministry-axes-economic-growth-projection-from-4-to-26

thank you suthep, keep up your good work, I have foreign currencies to exchange

[Mentors]

Maybe this is a part of Suthep's reform plan. Bring back everything to zero.

Edited March 31, 2014 by Mentors

[bigbamboo]

Maybe this is a part of Suthep's reform plan. Bring back everything to zero.

Wasn't that PT's idea?

[Pib]

Hitting bottom is getting close...then the govt forecasters can start being really optimistic by saying, "Nowhere but up now."

[gemini81]

Maybe this is a part of Suthep's reform plan. Bring back everything to zero.

Wasn't that PT's idea?

PT are the ones in power & to blame. Unless we can blame the red shirts for everything that went wrong in 2010, since they weren't the ones in power. The whole Suthep thing just highlights how PT aren't capable of managing anything; from car schemes, to rice, to floods to opposition. We knew that before they stepped into office.

[worgeordie]

But what are the REAL true figurers,

regards Worgeordie

[Able]

Sadly there are a lot of so called "first world" countries that would love to be looking at 2.4% growth in 2014.

Let us hope this political mess gets sorted out this year and the economy can get back to a decent growth rate.