Thailand‚Äö?Ñ????ë?¬•s Economy Reports Positive Growth.
The second-largest economy in South East Asia has reported continuous growth for a second straight quarter this year.
According to a series of official reports, Thailand's economy is experiencing a steady recovery as the country's gross domestic product expanded 1.3% in the past three months, as boosted by the manufacturing sector.
While the actual growth rate was lower than the economic forecast, the reports were still met with positive feedback as it reflected Thailand’s steady recovery from the global recession as well as the result of political instability. Thailand went into its first recession since the 1998 Asian crisis when its GDP fell about 1.5% as export rates dropped this year.
The National Economic and Social Development Board (NESDB) has reported growth from key sectors in the last quarter, particularly in the manufacturing industry, which has rebounded by 2.6%. Exports and imports have also expanded by 5.2% and 2.0% in the last quarter, respectively.
In a news conference, Ampon Kittiampon, head of the National Economic and Social Development Board (NESDB), stated that Thailand's economic growth depends largely on government policy. “The government is allotting 1.43 trillion baht ($43 billion) over three years from September to help the economy, following the $3.5 billion stimulus in the first half.”, the Chairman added.
Meanwhile, Prime Minister Abhisit Vejjajiva said in a recent conference that he expects the country’s economy to grow up top 3.5% percent by 2010.
Through the government stimulus, the NESDB expects the Thai economy to continue its recovery as the fourth quarter commences. Usara Wilaipich of Standard Chartered, has supported the positive outlook from the finance sector. "The economic recovery in Thailand is taking shape, given the fiscal stimulus and easing of monetary policy”, Wilaipich stated.
Analysts, however, retain an uncertain outlook on economic recovery in the light of the ongoing political instability in the country, as protests are anticipated starting November 28.