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09/08/2010 - Thai Government predicts eight percent growth in 2010  09/08/2010 - Thai Government predicts eight percent growth in 2010

At a recent seminar Thai Government  Ministers said that they expect Thailand’s economy to grow by up to eight percent during 2010.

Thailand has the second largest economy in South East Asia and its economy grew by twelve percent in the first quarter of 2010, giving rise to the bullish forecast by the Thai Government.

As the world’s largest rice exporter Thailand also has the opportunity to become the main food supplier for growing economies such as China, Korea and India.

Prime Minister Abhisit Vejajjiva commented; "Exports of both agricultural and industrial goods are doing well and the outlook for the remaining months is also promising driven by growing ASEAN economies and the global economic recovery."

A reduction in trade with Europe, which accounts for twelve percent of Thai exports, has increased the importance of trade between Thailand and other ASEAN countries.  The planned 2015 Asean free trade zone will also remain a key factor for Thailand’s long term growth.

Tourism, which contributes around seven percent of GDP each year and creates over one million jobs, has also shown an increase since 2006.

Dusit Nontanakorn, the chairman of the Thai Chamber of Commerce, said; "Tourism numbers are picking up now, with hotel occupancy between 40 to 50 percent, well up from the 10 to 20 percent lows experienced during the protests and Bangkok street violence during March and May".

The positive messages from the Thai government set the bar high for Thailand’s economic performance.

According to Roubini Global Economics Think-Tank; "Thailand will give back some of its gains as violent political protests brought all but the export sector to a halt in Q2. Public investment and exports will keep Thailand from dipping back into recession, but growth will run below potential because of political turmoil, which has robbed two percentage points of GDP growth every year since 2006."

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