Thailand's 2010 economy to grow 6.1% despite political turmoil: World Bank

20:55, June 24, 2010      

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Thailand's 2010 economy is estimated to grow 6.1 percent despite the March-May political turmoil, World Bank economist Frederico Gil Sander said on Thursday.

The 2010 recovery comes from a low base as in 2009 the Thai economy contracted 2.3 percent since the country's exports plummeted due to the global recession.

The World Bank's latest forecast was revised down from an earlier projection of a 6.2-percent growth rate, Sander was quoted by the Thai News Agency (TNA) as saying.

Despite the political turmoil, Thailand has continued to see a robust economic recovery in light of healthy expansion of the country's exports during the first half of 2010, the economist said.

The Thai exports' growth rate, which is better than expected, has offset negative impacts from the political unrest on the country's gross domestic product (GDP), Sander explained.

The World Bank has forecasted that the Thai exports will expand 12.8 percent in 2010, Sander said.

However, the expansion of the Thai exports during the second half of 2010 is estimated to be lower than the first half's due to the global economic volatility, he said.

The slowdown growth on the exports will affect Thailand's GDP in 2011. The World Bank has projected the GDP will grow 3.6 percent as Europe's ongoing debt and economic woes are expected to contribute to the slowdown, Sander said.

Source: Xinhua


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