Thai economy set to register positive growth in Q4

BANGKOK, Nov 14 (TNA) – The Thai economy is set to register positive growth in the fourth quarter this year given a marked increase in revenue earned from exports, according to Permanent Secretary for Finance Sathit Limpongpan.

He said Thailand’s economy had begun recovering as revenue from exports in October increased markedly due to a shift from Thailand’s traditional dependence on a few major export destinations–the United States, Europe and Japan–to new markets such as Africa, the Middle East, and Asia where many countries have began to enjoy a revived economy.

At the same time, he said, the business sector continued importing capital goods such as machinery, raw materials, which will be used to increase the production capacity of the private sector, as well as products for consumption.

With these factors, Mr. Sathit said he is confident the Thai economy will grow 3-4 per cent in the fourth quarter of this year and would probably expand 3.3 per cent next year.

He projected the government’s tax revenue would increase due to the economic recovery now taking place.

Revenue collection in October, the first month of fiscal 2010, is expected to exceed the target, he said. (TNA)