World Bank: Thai econ in 2010 to grow by 6.1%

BANGKOK, 25 June 2010 (NNT) – The Thai economy this year is expected to expand by 6.1% thanks to rapid expansion of the national exports in the first quarter, according to World Bank Economist to Thailand, Frederico Gil Sander.

Mr Sander explained that the export sector had expanded beyond estimation made by many economists; therefore, the sector could spare the Thai economy from damages caused by the recent political crisis last month.

The World Bank economist however noted that Thai exports in the latter half of the year would not expand much compared to the first half as many trading partners had stocked all needed products since the first quarter of this year. He projected that Thai exports this year would expand by 12.8%.

Mr Sander suggested that other types of investment should be supported because the export sector could stimulate the economy only in a short term despite its extensive expansion. He said foreign investors still eyed on Thailand despite the recent political mayhem.

As for next year, the economist believed that the Thai economy might not enjoy a bright future as expected due to the European financial crisis while domestic consumption would not recover much. He expected that the Thai economic growth next year would stand at around 3.6%.