KBank revises up Thai GDP growth to 4% to 6% for 2010

19:51, June 30, 2010      

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Kasikornbank PCL (KBank), Thailand 's 3rd largest bank by assets, has revised up its forecast for Thai economic growth in 2010 to a range of 4 to 6 percent year on year, the Bangkok Post's website reported on Wednesday.

The macroeconomic data's revision was made in light of the recovery's gaining momentum and a localized impact from the recent political unrest, said Charl Kengchon, managing director of Kasikorn Research Center (KResearch), a subsidiary company of the KBank bank.

The research house previously forecasted that Thailand's gross domestic product (GDP) in 2010 would grow by 2.6 percent to 4.5 percent.

Its more optimistic outlook is supported by the continuing economic recovery in the 1st quarter (Jan-Mar), which recorded 12 percent year-on-year growth.

The Thai government's economic stimulus packages and a localized impact from the political instability have contributed to the GDP growth.

As of June 18, the Thai government had disbursed about 170.98 billion baht (5.272 billion U.S. dollars) worth of the stimulus fund from the total target of 278 billion baht (8.572 billion U.S. dollars) for the year.

The recent political turmoil dragged on the economy with an estimated reduction in the GDP of between 1.4 percent and 2.8 percent, smaller than the previous estimation of 1.4 percent to 3. 7 percent.

Moreover, the country's exports will help drive the growth after posting better-than-expected performance in the 1st quarter.

KResearch adjusted its forecast for export growth to 22 to 27 percent, up from 17 to 24 percent earlier, Doctor Charl said.



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