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Pattaya Daily News

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01 December 2009 :: 13:12:52 pm 31263

Thailand’s Economy Steadily Moving Out of Recession

Thailand's inflation rate increased in November on the back of rising oil prices, with the Thai government set to ease the population's troubles if prices continue to rise. Due to a global economic recovery the Southeast Asian nation is steadily being pulled out of recession.
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Thailand, the 1st of December 2009 [Pattaya Daily News]: Thailand’s current recession began to ease last quarter, helped by an improvement in the global economy and increased government spending. As a result of the recent improvements it is expected that the Central Bank of Thailand will keep the benchmark interest rate at 1.25% for the fifth straight meeting. Keeping the benchmark interest rate the same will further help to support the countries economic recovery.
The consumer prices index (CPI), saw a rise of 1.9% from the same period in 2008 and a climb of 0.4% from the month of October, stated the Commerce Ministry of Thailand today. It is expected that consumer prises will rise a further 1.5% in the fourth quarter with an estimated rise of between 3- 3.5% predicted for 2010.

Permanent Secretary for Commerce in Thailand, Mr Yanyong Phuangrach mentioned that, “The rise in consumer prices for a second consecutive month clearly shows the economy and consumption is recovering,” further stating, This is a good sign. Inflation has returned to normal, helping to increase confidence for (local) producers.”

The Thai government expects inflation to average 0 to -1% by the end of this year, compared to the Central Banks forecast of a fall of as much as 1.5%. Mr Pornthep Jubandhu, an economist with the Siam Commercial Bank stated that, “Inflation will shoot up in the coming months on (the back of) rising oil prices.” Therefore it is expected that the Central Bank will hold off from increasing the interest rate until the second half of next year, when economic growth is predicted to be more solid.

Mr Phuangrach went on to say that, “Interest rates are at a low level, which helps support the economic recovery, (as a result) we expect the Central Bank to maintain its current key (interest) rate. When the economic recovery is sustained, they may raise the rate in the first quarter (of 2010).”

 

 

  

 

  

Thailand?s inflation rate is so sensitive to oil-price movements due to the fact that almost all of the countries oil is imported, as a result the recent rise of oil to over $80 a barrel had a knock on effect on the countries inflation rate. The oil price has now climbed more than 70% since the start of 2009.

Thai Prime Minister Abhisit Vejjajiva stated on the 27h of October that the government may take further measures to reduce the populations burden’s if oil prices continue to rise further. The Thai government has already provided free electricity, water and transportation to help the poor cope with the economic crisis that started in late 2008, with PM Abhisit further introducing free educational and cuts in diesel prices this year.

The current recovery of the Thai economy should see an increase in foreign investment which subsequently dropped off due to the global financial crisis. The Tourism Authority of Thailand also stated that tourism has increased from the same period last year, with further increases in 2010 expected to further boast the countries steadily improving economy.

 

 

  

 
Reporter : PDN staff   Photo : Internet   Category : Thailand News

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