Economy grew 12% in Q1 2010

BANGKOK, 30 May 2010 (NNT) – The Thai economy grew 12% in the first quarter of 2010 and will likely expand by 3.5%-4.5% by year’s end.

Speaking on his weekly talk show ” Confidence in Thailand with Prime Minister Abhisit”, Prime Minister Abhisit Vejjajiva thanked the House of the Representatives for endorsing in principle the 2011 Budget Bill after its first reading last week. He said the country’s economic expansion reached 12% in the first three months of 2010, with growth in export, private investment and tourism due to the ongoing global economic recovery.

The PM elaborated that the government has decided to scrap a bill authorizing the Finance Ministry to raise 400 billion THB in light of the economic upturn.

The Prime Minister also responded to criticisms of the government’s high expenditures, saying the high spending was part of the administration’s push for more public welfare.