4Q 08 GDP sinks 4.3 pct

Published: 23/02/2009 at 11:58 AM
Online news: Breakingnews

The National Economic and Social Development Board (NESDB) announced that the gross domestic product (GDP) in the fourth quarter last year contracted for the first time in a decade.

According to the economic report, the GDP in the previous quarter fell 4.3 per cent. For the whole year of 2008, the GDP expanded 2.6 per cent. As for 2009, the economy may worsen and sink by about one per cent.

"The Thai economy this year will be more sluggish as the global financial situation continues to decline, and it has already affected the tourism and export sectors. The economy would likely suffer more during the first half of the year, adding that financial institutions have been more stringent in issuing loans and different business sectors have slashed their output and employment," said the economic think-tank.

Moreover, trade, investment and household consumption in 2009 would continue to reduce.

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thaivic

Discussion 8 : 23/02/2009 at 09:43 PM8
Mango Man i stand corrected, you have made a valid point
anti abhisit

Discussion 7 : 23/02/2009 at 06:04 PM7
I think if Thaksin have been here ,Thailand might have passed this crisis easily. I feel sorry that thai people were still blind ,they don't use any reason to decide to chose someone who have ability to help Thai Economy. And I think Thailand not only faces Economic crisis but confronts Political crisis that happens because of an envy.
Mango Man

Discussion 6 : 23/02/2009 at 04:06 PM6
thaivic Discussion 5: "you cant trust the goverment, but i think they are a little more trust worthy than a bunch of terrorist symphatisers"

I thought the Thai Govenrment was a bunch of terrorist symphatisers?
thaivic

Discussion 5 : 23/02/2009 at 01:03 PM5
wow what a good news source, Al-Jazeera, you cant trust the goverment, but i think they are a little more trust worthy than a bunch of terrorist symphatisers, the problem stems partly from the shut down of the airports surely,the PAD did a lot of damage to the GDP in the fourth quarter,and did a lot of damage to Thailand as a vacation destination,the other problem is the over inflated BAHT, i used to come to Thailand 7 times a year now i am cutting it back to 4 times, there are a lot of cheaper destinations in Asia although i still prefer Thailand, so lower that BAHT to where it should be so that the people that are still travelling will consider Thailand
Amazing Thailand

Discussion 4 : 23/02/2009 at 12:27 PM4
Al-Jazeera reported the contraction to have been 6,1% with tourism alone dropping 19.4 %. I wonder where the discrepancy comes from - who is putting out wrong numbers ?

Furthermore they reported GM Thailand having sacked 3000 workers. Have not seen any reports about that on Thai news either.
Kaweeka

Discussion 3 : 23/02/2009 at 12:25 PM3
But he food was great and the music was fun! The happiness index was VERY high for the PAD supporters, and that is all that matters!

Wasn't it Kasit who said it was all for the sacrifice of the country and business should not complain?

It's alright, Abhisit said we will have growth in H2 2009, along with social and political stability, peace in the south, and just all around cumba-ya!
smoking mirrors

Discussion 2 : 23/02/2009 at 12:13 PM2
According to the Oxford men Thailand is in perfect condition!
DumbNumb

Discussion 1 : 23/02/2009 at 12:06 PM1
I'm confused??? Last week Abhisit and Korn promised positive GDP growth in 2009. What happened?

Another revelation:

If Thaksin had not been kicked out by a military coup causing a huge rupture in departing foreign investment and than the PAD had not taken to the streets the way they did with a final terrorist act of siezing the international airport and causing a tidal wave of foriegn investment as well as both damaging the tourist trade beyond reasonable repair, than wouldn't the country now be in a much stronger economic and financial position to cope with this mess?

And wouldn't "Thaksinenomics" have been a decent livesaver for many?

Just a thought that crossed my mind as Thailand sinks into a dark chasm far deeper than its neighbors will who have stronger financial positions and foreign support.

I certainly would never invest one schilling into this government. What a waste!

4Q 08 GDP sinks 4.3 pct