ADB cuts projection for Thailand

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ADB cuts projection for Thailand

Published: 22/09/2009 at 12:49 PM
Online news: Local News

The Asian Development Bank (ADB) has further cut its projection for the Thai economy for 2009, from a contraction of 2 per cent to 3.2 per cent, ADB country director for Thailand, Jean-Pierre Verbiest, said on Tuesday.

Mr Verbiest said the economic growth projection’s revision was based on the impact of global recession and the current political uncertainty, which had hurt confidence of the business sector and diminished the domestic consumption.

“Even if there is a sign showing that the economic recession has bottomed out, the political turmoil has pressured the country to post the lowest economic growth rate in Southeast Asia,” the ADB director said.

He said political conflict remains a major risk factor for the country’s future recovery.

“If there is any political unrest, it will affect the government’s economic stimulus measures under its Thai Khem Kaeng (Strong Thailand) scheme which is to inject as much as 1.44 billion baht into the system to shore up the economy over the next 2 to 3 years,” Mr Verbiest said.

ADB projected that the Asia region’s economic expansion would be around 3.4 per cent, boosted by the recovery in China and India.

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thai1932

Discussion 3 : 22/09/2009 at 01:19 PM3
The ADB projection on the contraction Thai Economy from 2 per cent to 3.2 per cent, should be taken into a serious consideration. For it is quite contradicting to the statement Mr. Abhisit has given to New York investors hoping those would come to invest in Thailand.

The Public deserves a clarification from Mr. Abhisit on how he has obtained such information.
Vincent

Discussion 2 : 22/09/2009 at 01:10 PM2
Yes! This is what I wanted to hear and know....from a more independent body, on the Thailand economy (projection) status!

And not from anyone within Thailand, especially from any Ministers in the current Abhisit Administration!
Tara

Discussion 1 : 22/09/2009 at 01:05 PM1
Yes, but Thais are happier since the coup and if you don't believe me just ask General Sonthi.

thai1932

Discussion 3 : 22/09/2009 at 01:19 PM3

The ADB projection on the contraction Thai Economy from 2 per cent to 3.2 per cent, should be taken into a serious consideration. For it is quite contradicting to the statement Mr. Abhisit has given to New York investors hoping those would come to invest in Thailand.

The Public deserves a clarification from Mr. Abhisit on how he has obtained such information.

Vincent

Discussion 2 : 22/09/2009 at 01:10 PM2

Yes! This is what I wanted to hear and know....from a more independent body, on the Thailand economy (projection) status!

And not from anyone within Thailand, especially from any Ministers in the current Abhisit Administration!

Tara

Discussion 1 : 22/09/2009 at 01:05 PM1

Yes, but Thais are happier since the coup and if you don't believe me just ask General Sonthi.

ADB cuts projection for Thailand