Thailand’s economy has expanded twoquarters in a row, and is expected to do so again next year, theNational News Bureau of Thailand (NNT) reported, citing sources fromthe Office of the National Economic and Social Development Board(NESDB).
The latest report by the NESDB demonstratedthat the overall Thai economy in the third quarter showed signs ofrecovery with its gross domestic product (GDP) contractingquarter-on-quarter by only 2.8 percent compared to a fall of 7.1percent in the first quarter and 4.9 percent in the second quarter.This was primarily driven by government expenditures which havesteadily risen by 4.7 percent.
The report indicated that the seasonally adjusted GDP increasedquarter-on-quarter by 1.3 percent, consecutively expanding for twoquarters, which is a criterion for the recovery of an economy.
Five key factors fuelling the growth included increased utilisation ofindustrial capacity, the normalisation of the unemployment rate, therecovery tourism, exports and agricultural product prices, the NNTsaid, citing NESDB’s Secretary-General Dr Ampon Kittiampon as saying.
The Secretary General warned that there are still some economic risksto be on the lookout for which could comprise the fragile globaleconomic recovery, including continuity of the world’s trade volume,private investment, surging oil prices and the government’s income andexpense.
The NESDB forecast that last quarter would see a GDP in the positiverange at 2.7-3.2 percent due to improving exports, tourism, householdconsumption and public investment. The growth in the last three monthswould mean the GDP for all of 2009 stands at less than -3.0 percent,better than estimates earlier this year of -4.0, the NNT said.
The Secretary General emphasised that consistency in the implementationof economic stimulus packages was at the core of the recovery./.
The latest report by the NESDB demonstratedthat the overall Thai economy in the third quarter showed signs ofrecovery with its gross domestic product (GDP) contractingquarter-on-quarter by only 2.8 percent compared to a fall of 7.1percent in the first quarter and 4.9 percent in the second quarter.This was primarily driven by government expenditures which havesteadily risen by 4.7 percent.
The report indicated that the seasonally adjusted GDP increasedquarter-on-quarter by 1.3 percent, consecutively expanding for twoquarters, which is a criterion for the recovery of an economy.
Five key factors fuelling the growth included increased utilisation ofindustrial capacity, the normalisation of the unemployment rate, therecovery tourism, exports and agricultural product prices, the NNTsaid, citing NESDB’s Secretary-General Dr Ampon Kittiampon as saying.
The Secretary General warned that there are still some economic risksto be on the lookout for which could comprise the fragile globaleconomic recovery, including continuity of the world’s trade volume,private investment, surging oil prices and the government’s income andexpense.
The NESDB forecast that last quarter would see a GDP in the positiverange at 2.7-3.2 percent due to improving exports, tourism, householdconsumption and public investment. The growth in the last three monthswould mean the GDP for all of 2009 stands at less than -3.0 percent,better than estimates earlier this year of -4.0, the NNT said.
The Secretary General emphasised that consistency in the implementationof economic stimulus packages was at the core of the recovery./.
