BoT: 2013 GDP growth 5.1%

BoT: 2013 GDP growth 5.1%

The Bank of Thailand (BoT) on Friday revised its gross domestic product growth projection for the year to 5.1%, up from the previous forecast of 4.9%.

The central bank assistant governor Paibul Kittisrikangwan said the BoT also adjusted its growth projection for 2014 to 5% from the previous expectation of 4.8%.

Mr Paibul said the revision was based on last year’s strong economic driving force, particularly the better than expected economic expansion of 18.9% in the fourth quarter and GDP growth of 6.4% in 2012.

In addition, the government 's planned 2-trillion-baht investment in infrastructure development megaprojects,  and the economic improvement of Thailand’s trade partners, would help boost economic growth this year and next.

The assistant BoT chief said the monetary policy committee (MPC) also revised down its core inflation rate projection for this year to 1.6% from 1.7% and to 1.7% from 1.6% for 2014.  General inflation was adjusted to 2.7% from 2.8%.

Mr Paibul, secretary general to the MPC, said the inflation rate projection for next year was raised to 2.7% from 2.6%.

There was strong potential of further economic growth but risk factors that could derail expansion included  rising household debt, and foreign direct investment inflow and outflow that rapidly affected exchange rates, he said.

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