Ministry hails brighter farm outlook despite threats

Ministry hails brighter farm outlook despite threats

The Agriculture Ministry says the farm sector is on a path to recovery, with 2014 growth forecasts ranging from 2.3% to 3.3% thanks to the improving global economy and weaker baht.

The weak global economy, severe drought and declining shrimp industry were factors holding the farm economy's growth to 1.1% last year.

Agriculture Minister Yukol Limlaemthong said the farm economy grew by 0.5% year-on-year in the first quarter compared with a 0.4% contraction in the same period last year.

The baht's depreciation has also helped to promote exports and should eventually give a boost to domestic production, he said.

But a lengthy drought for several months ahead and the slow improvement in shrimp farming remain threats to agriculture this year.

Early mortality syndrome, which began ravaging local shrimp farming in late 2012, still plagued the fisheries sector in the first quarter, resulting in a 1.3% year-on-year contraction.

But even that was an improvement from a 7.2% year-on-year contraction for all of 2013.

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