The latest data on Thailand’s consumer confidence shows that Thais are beginning to look more positively on the future, as the government moves to boost growth and restore the country’s infrastructure after last year’s devastating flooding.
The Fiscal Policy Office has predicted that the Thai economy in 2011 would grow by only 1.1 percent, as a consequence of the flood disaster. A better outlook is seen in 2012, with economic growth between 4.5 and 5.5 percent.
Thai 2011 GDP projection revised to 1.4%, 2 years lowest
The University of the Thai Chamber of Commerce (UTCC) Economic and Business Forecasting Center revised Thailand’s 2011 economic growth or gross domestic product (GDP) projection to 1.4 per cent, lowest in two years, said centre director Thanawat Polvichai.
Thai flood’s damage is likely to cost at least Bt100 billion and perhaps even amount to more than Bt200 billion and to shrink the country’s gross domestic product (GDP) by 2%, Kirida Bhaopichitr, World Bank senior economist for Thailand said.
The Asian Development Bank (ADB) pared down its Thai economic growth forecast this year to 4 per cent from its earlier estimate of 4.5 per cent, according to ADB country director for Thailand Craig Steffensen.
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