Thai GDP in 1st half of 2010 to grow 10%: Bank of Thailand chief

14:54, August 05, 2010      

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Thailand's gross domestic product ( GDP) in the 1st half of 2010 could increase 10 percent year on year, Bank of Thailand (BOT) governor Tarisa Watanagase said on Thursday, the Bangkok Post's website reported.

"The 10 percent growth rate would be possible as the country's economy in the 2nd quarter kept expanding from the 1st quarter at 12 percent. Growth is expected to continue in the 2nd half of the year," Tarisa said.

She said the GDP for the entire year should be around 6.5 to 7. 5 percent as the central bank projected earlier since all sectors should see improvement, especially the export sector as it had recently shot up 40 percent.

"The country's exports are growing significantly, thanks to many sectors, particularly the automotive sector and other sectors that require high production capacity," she said, adding that this is the time to increase the production capacity to ensure continuous economic growth.

Her remark was supported by the forecast made by Prime Minister Abhisit Vejjajiva on Wednesday saying that the GDP in the 1st half of 2010 could grow 10 percent year on year on the back of the country's strong exports. "High growth in exports in the 1st half is the main driving force and it also pinpoints the country's economic potential," Abhisit said.

Tarisa said public consumption and spending have rebounded to almost the same level during the country's pre-political turbulence as the government continues spending to bolster the economy.

Also, private sector investments have risen thought are not as high as in 2008, Tarisa said.

Meanwhile, the country's political situation will remain as the key factor, while the public debt crisis in Europe had eased, she said.



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