BANGKOK, Nov 23 (TNA) – The Thai economy contracted only 2.8 per cent in the third quarter ending October 31, the slowest decline in a year thanks to increased household consumption, private investment and export recovery, according to the National Economic and Social Development Board (NESDB).
Gross Domestic Product (GDP) in the first quarter shrank 7.1 per cent and 4.9 per cent in the second quarter while GDP for the first nine months fell five per cent.
NESDB secretary-general Ampon Kittiampon said the economy has improved owing to increased household consumption, private investment and exports after the recovery of the global economy.
The economy in the third quarter expanded 1.3 per cent, compared with the second quarter, indicating an improving domestic economy, particularly the expansion of the export industry, greater production capacity and less unemployment.
The Thai economy in the fourth quarter is expected to grow 2.7-3.2 per cent year-on-year and turn positive the first time this year thanks to improved global economy, implementation of the government’s projects to stimulate the economy and to develop infrastructure.
The economy in 2009 is projected to shrink 3 per cent with headline inflation contracting 0.9 per cent and the current account surplus stands at 8.8 per cent of GDP.
The secretary-general also said the economy in 2010 is projected to expand 3-4 per cent.
However, the projection does not consider political problems. Political events may affect the implementation of economic policies, which need continuity to press ahead the government’s projects, Mr Ampon said. (TNA)
Business News : Last Update : 11:57:04 23 November 2009 (GMT+7:00)
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