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Bank of Thailand expects 5% economic growth for the Rabbit Year

Bank of Thailand (BoT) Deputy Governor Krirk Vanikkul on Tuesday projected that the Thai economy would grow around 5 per cent this year, boosted by the improved global economy.

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Bank of Thailand (BoT) Deputy Governor Krirk Vanikkul on Tuesday projected that the Thai economy would grow around 5 per cent this year, boosted by the improved global economy.

Speaking at a seminar on “Perspectives for Thai Economy in the Rabbit Year 2011,” he said the world economy this year is expected to perform better than that of last year as a result of the economic recovery of the United States and Japan.

The debt problems facing governments in the European Union countries remain a key risk factor since more countries in the EU experienced higher debt burdens.

But since the overall economies of the Group-3 countries–the US, EU, and Japan–have improved, export-oriented economies such as that of China should enjoy continued growth.

It would contribute to Thailand’s export growth this year.

Infrastructure services, if quickly improved, could promote a better investment climate in Thailand. Logistic costs, for example, are reported by firms to be higher for them compared to 2004. This is particularly true for industries that are located in regions other than Bangkok and vicinity or the East where the major markets and ports are located.

They include the food processing and furniture industries. The quality of public utility services (electricity, water, and telephone) have also declined from 2004 to 2007 as the period of service interruptions have risen. This is a reflection of the inadequacy of infrastructure services as demand from businesses have increased rapidly over the years. These service interruptions are costly for firms and will hurt Thailand’s competitiveness as other countries in the region such as China and Vietnam are quickly improving them.

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Bank of Thailand expects 5% Thai economic growth

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