Better economy anticipated in 2014: NESDB
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The National Economic and Social Development Board anticipates economic improvement next year, when the gross domestic product (GDP) should expand by 4-5 per cent against 3 per cent this year.
Arkhom Termpittayphaisith, secretary-general of the think tank, on Monday released the third-quarter economic indicators, which showed growth of only 2.7 per cent against market expectation of 2.9 per cent. This forced the NESDB to revise downward the annualised economic projection from a range of 3.8-4.3 per cent, to only 3 per cent.
He attributed the low quarterly figure mainly to a decline in domestic consumption and private investment.
The Thai economy expanded 2.8 per cent in the second quarter.
A sharp plunge in exports, which generate about 70 per cent of Thailand's GDP, has been a key reason for the lower growth this year.
HSBC earlier expected Thailand's exports to contract 2 per cent this year.
Commerce Minister Niwatthumrong Boonsongpaisan today insisted that the export revenue would show an increase, though as small as 1 per cent. He also expected the situation to improve next year, when the revenue should rise by 5-7 per cent thanks to a pickup in global demand.
"We see the export revenue to expand at least 5 per cent next year. Yet, the private sector is convinced that it could grow by 6-7 per cent," he said.
