ADB puts Thai growth at 4.9% this year

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bangkok_highway_NEWThe Asian Development Bank (ADB) forecast Thailand’s 2013 economic growth would be 4.9 per cent, with the private sector remaining the main driver. The organisation said the government’s mega infrastructure projects were a good strategy, but it also was expressing concerns over the project’s transparency.

Lucksamanee Artthapit, ADB’s Senior Economist, said that in 2014 the country could even see 5 per cent economic growth despite the gloomy global economy.

She touched upon the government’s 2.2 trillion baht ($75 billion) infrastructural investment project, saying it would increase Thailand’s competitiveness and contribute to the nation’s development. She, however, expressed concerns over the transparency of the project as monitoring on the project’s spending would be difficult.

The ADB economist also forecast the Bank of Thailand would maintain the policy interest rate at 2.75 per cent as positive prospects loom over the nation’s economy. She indicated that the stronger tourism segment would compensate the weaker exports.

Craig M Steffensen, ADB country director for Thailand, said the government should allocate part of the  2 trillion investment budget for high-priority matters, including the rehabilitation of the rail system operated by the State Railway of Thailand, the improvement of infrastructure and services in the agricultural sector, and the development of the Eastern Seaboard.

Another priority is the establishment of linkages with neighbouring countries, including Vietnam, China, India and Myanmar.

Overall, the ADB expects a growth rate of the region it defines as developing Asia, including China and India, of 6.6 per cent in 2013 and 6.7 per cent in 2014. In 2012, the region grew 6.1 per cent. The ADB said in its “Asian Development Outlook 2013” report that rising private consumption and stronger intraregional trade will spur the pickup in growth.

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Reading Time: 1 minute

The Asian Development Bank (ADB) forecast Thailand’s 2013 economic growth would be 4.9 per cent, with the private sector remaining the main driver. The organisation said the government’s mega infrastructure projects were a good strategy, but it also was expressing concerns over the project’s transparency.

Reading Time: 1 minute

bangkok_highway_NEWThe Asian Development Bank (ADB) forecast Thailand’s 2013 economic growth would be 4.9 per cent, with the private sector remaining the main driver. The organisation said the government’s mega infrastructure projects were a good strategy, but it also was expressing concerns over the project’s transparency.

Lucksamanee Artthapit, ADB’s Senior Economist, said that in 2014 the country could even see 5 per cent economic growth despite the gloomy global economy.

She touched upon the government’s 2.2 trillion baht ($75 billion) infrastructural investment project, saying it would increase Thailand’s competitiveness and contribute to the nation’s development. She, however, expressed concerns over the transparency of the project as monitoring on the project’s spending would be difficult.

The ADB economist also forecast the Bank of Thailand would maintain the policy interest rate at 2.75 per cent as positive prospects loom over the nation’s economy. She indicated that the stronger tourism segment would compensate the weaker exports.

Craig M Steffensen, ADB country director for Thailand, said the government should allocate part of the  2 trillion investment budget for high-priority matters, including the rehabilitation of the rail system operated by the State Railway of Thailand, the improvement of infrastructure and services in the agricultural sector, and the development of the Eastern Seaboard.

Another priority is the establishment of linkages with neighbouring countries, including Vietnam, China, India and Myanmar.

Overall, the ADB expects a growth rate of the region it defines as developing Asia, including China and India, of 6.6 per cent in 2013 and 6.7 per cent in 2014. In 2012, the region grew 6.1 per cent. The ADB said in its “Asian Development Outlook 2013” report that rising private consumption and stronger intraregional trade will spur the pickup in growth.

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