Thailand moves 2013 growth to 4.9%

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Thailand’s economy is in growth mode due to strong fundamentals and rising spending power of the population

Thailand’s economy is expected to expand by 4.9 per cent in 2013, according to the Bank of Thailand (BOT), surpassing earlier estimates.

The BOT has turned to a more optimistic forecast citing increased private sector spending and a gradual recovery in exports. The government’s increased expenditure on infrastructure projects will also give the country a boost.

The BOT has also retained its projections for this year’s core inflation at 1.7 per cent and headline inflation at 2.8 per cent, suggesting a continued relaxed view of monetary policy, despite the increased pressure coming from the hike in minimum wage (now at 300 baht, or around $10, a day).

The BOT also raised its forecast for economic growth in 2012 to 5.9 per cent, which has inched from 5.8 per cent seen in December 2012.

However, the World Bank forecast a growth of just 4.5 per cent for Thailand in 2012.

In 2012, the central bank that private investment increased 16.5 per cent from 2011, up from 12.4 per cent seen earlier.

For 2013, it now sees private investment rising 12.1 per cent instead of 6.8 per cent as projected earlier.

Additionally, much to the aid of the newly added optimism for Thailand’s growth, applications for investment incentives reached a record level of nearly $48 billion in 2012, the country’s Industry Ministry announced in early 2013. The investment promotion value increased 131 per cent year-on-year, while the number of projects rose 29.7 per cent also year-on-year, according to the Industry Minister Prasert Boonchaisuk.

 

 

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Reading Time: 1 minute

Thailand’s economy is in growth mode due to strong fundamentals and rising spending power of the population

Thailand’s economy is expected to expand by 4.9 per cent in 2013, according to the Bank of Thailand (BOT), surpassing earlier estimates.

Reading Time: 1 minute

Thailand’s economy is in growth mode due to strong fundamentals and rising spending power of the population

Thailand’s economy is expected to expand by 4.9 per cent in 2013, according to the Bank of Thailand (BOT), surpassing earlier estimates.

The BOT has turned to a more optimistic forecast citing increased private sector spending and a gradual recovery in exports. The government’s increased expenditure on infrastructure projects will also give the country a boost.

The BOT has also retained its projections for this year’s core inflation at 1.7 per cent and headline inflation at 2.8 per cent, suggesting a continued relaxed view of monetary policy, despite the increased pressure coming from the hike in minimum wage (now at 300 baht, or around $10, a day).

The BOT also raised its forecast for economic growth in 2012 to 5.9 per cent, which has inched from 5.8 per cent seen in December 2012.

However, the World Bank forecast a growth of just 4.5 per cent for Thailand in 2012.

In 2012, the central bank that private investment increased 16.5 per cent from 2011, up from 12.4 per cent seen earlier.

For 2013, it now sees private investment rising 12.1 per cent instead of 6.8 per cent as projected earlier.

Additionally, much to the aid of the newly added optimism for Thailand’s growth, applications for investment incentives reached a record level of nearly $48 billion in 2012, the country’s Industry Ministry announced in early 2013. The investment promotion value increased 131 per cent year-on-year, while the number of projects rose 29.7 per cent also year-on-year, according to the Industry Minister Prasert Boonchaisuk.

 

 

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