Thai Economy Expected to Return to Health by End of 2010
Kanit Saengsuphan, director of the Fiscal Policy Research Institute, said Wednesday at a seminar called “Financial Situation in the Current Economic Crisis” that the economy is unlikely to return to normal growth until sometime around the end of 2010. He estimates that the growth rate will return to 3% per year after about eight quarters. The expected contraction of the Thai economy this year is bout 3.5%. The contraction will continue in the second and third quarter followed by growth in the fourth quarter. Mr Kanit is quoted as saying “How much the economy will improve will depend on the using of money to stimulate it. It is now clear that from the 400 billion baht in loans from the executive decree, 200 billion baht will be to offset the revenue shortfall of the government, while about 200 billion baht will be for investment to boost the economy.’ But it is still unclear where the investment budget will go to.”
The Thai government voted yesterday to spend 400 billion baht to stimulate growth.
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