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BoT revises down next year’s export growth
Export growth, a major driving force in the Thailand’s economy for decades, may slow to only 7.0 per cent in the next year, hurt by lingering political tension and global economic regression, the Bank of Thailand warned.
“This worst-case projection is based on an assumption that Thailand’s several trading partners had slipped into a recession,” the bank statement said.
The central bank’s latest note also revised downwards the county economic growth by 50-75 basic points to 4.3-5.0 per cent for this year and 3.8-5.0 for next year, because of sign for recovery at the global financial crisis any time soon.
BoT governor Tarisa Watanagase on Friday encouraged the private sector to restore confidence and build up domestic demand before the global financial turmoil affected export and tourism.
Tarisa is however optimistic that the world’s financial crisis will have little impact on the Thai economy.
“We’ve seen private consumption growth continues, despite assets prices in the stock and property market fall,” she said.
In the meantime, the Security Analysts Association (SAA) said it has trimmed down the Stock Exchange of Thailand (SET) index target to 611 point from its previous poll of 828.
“Base on the latest consensus, the listed companies’ earning-per-share growth has fallen to 2.3 per cent from previously 6.6 per cent,” SAA secretary-general Sambat Narawutthichai commented.
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[...] I Needed Info wrote an interesting post today onHere’s a quick excerpt Export growth, a major driving force in the Thailand’s economy for decades, may slow to only 7.0 per cent in the next year, hurt by lingering political tension and global economic regression, the Bank of Thailand warned. “This worst-case projection is based on an assumption that Thailand’s several trading partners had slipped into a recession,” the bank statement said. The central bank’s latest note also revised downwards the county economic growth by 50-75 basic points to 4.3-5.0 per cent fo [...]