BoT blames politics and export slump for slow economic growth

[webfact]

BoT blames politics and export slump for slow economic growth

BANGKOK, 20 November 2014 (NNT) – The Bank of Thailand (BoT) has indicated a possibility for this year’s economic growth to end up at 1 percent while attributing the lackluster figure to political turmoil and sluggish exports.

According to Mr Don Nakornthap, Director of the BoT’s Macroeconomic Policy Office, the Thai economy will likely expand in the range of 3.3-3.5 percent in the final quarter of 2014, putting the figure for the entire year at 1 percent as predicted by the National Economic and Social Development Board.

Nonetheless, Mr Don said the central bank is scheduled to review its annual growth estimate on December 17 and admitted that a reduction of its previous projection of 1.5 percent is possible. He claimed unfavorable conditions of Thai politics and exports this year have led to the disappointing figure. Another factor is the payout of only 89 percent of state budget in the third quarter, as opposed to the target of 91.4 percent.

The director believes it will not be easy to bring the Thai export growth back to its two-digit figure any time soon, projecting that the year 2015 will record an expansion of about 4-5 percent.


-- NNT 2014-11-20

[anon467848]

Growth back to 2 digits.... dream on, Thailand has had a good run for many years now, but those days are gone...

[JOC]

Ebola??

[Pib]

"BoT blames politics and export slump for slow economic growth"

Wow, awesome analysis...no one else would have ever figured out the reasons.

[trainman34014]

I'm surprised the Burmese didn't get the blame !

[DNPBC0]

By 'political turmoil' is BOT including the impact of the military coup on 22 May?

[konying]

And the scapegoating begins

Do not they realize in the end they are ONLY hurting themselves?!

Devalue baht, increase competitiveness, ease up on foreign investment, offer tax breaks, try to lure investment by offering all sorts of perks instead of deterring it and things will start to work better for the country.

Tourists will come back, once Thailand is back to being a cheap and fun destination, which is not at the moment and prices keep on climbing.

[fobuff]

There is no politics... it is a military junta under martial law.. where are the politics in that.. no democracy no politics..

[WhizBang]

So... not ebola then?

[espinoza]

So... not ebola then?

Currently the ebola just affects the automotive industries of Thailand. No signs of ebola otherwise, but its a lot lao chao around.

[noitom]

Yesterday the Thais were blaming Ebola and the global economy. Tomorrow, they will be blaming someone new.

[billd766]

By 'political turmoil' is BOT including the impact of the military coup on 22 May?

To say nothing of the abysmal performance of the previous PTP government for the first 5 months of 2014, or had you forgotten them already?