Pattaya Daily News

25 July 2010 :: 13:07:18 pm 33260

Impressive Growth Predicted Despite Political Instability

The Thai economy is expected to grow by around 6-7 percent in 2010, according to a statement made by a leading economist recently. The expected growth is based on the increasing reliance on the industrial sector and exports in offsetting the faltering tourism industry.
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Bangkok, the 24th of July 2010: Siam Commercial Bank Executive Vice President and Chief Economist Dr. Sethaput Suthiwart-Narueput predicts that the country’s Gross Domestic Product (GDP) may increase by up to 10% in a year-on-year comparison with 2009.

Dr. Sethaput revealed that the increases in production within the industrial sector, considered a key driving factor behind the increase in exports, has significantly helped to offset the stagnant tourism industry.

Although admitting that certain sectors of the economy such as the tourism and hospitality have negatively affected growth, the continued improvement in the transport and trade industries was offsetting any downfalls.

Dr. Sethaput reiterated that an increase in exports and domestic consumption showed that Thailand is developing in line with expectations of a 6-7 percent growth margin by the end of the fourth quarter.

Thailand’s main exports include industrial products such as motor vehicles, electronic component parts, appliances and machinery.

Despite growth expecting to slow in the second half of the year, due to continued economic instability in the US and the debt crisis in Europe, Dr. Sethaput still predicts a favourable outlook for the Thai economy in the long-term. The return of tourism to the nation following the recent political turmoil would further boost the economy in 2011, where even greater growth is currently being predicted.

“On average, Thailand’s GDP for 2010 is likely to grow around 6-7 per cent, which is considered sound. The improved figures result from the hefty economic growth in the first half of this year. But if the global economy begins to slow down, the country’s economic growth will ease in the second half of the year.”

Reporter : John Weston   Photo : Internet   Category : Thailand News

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