Thai economy, exports expected to grow by 3.7%, 4% in 2013

BANGKOK, September 26 (TNA) - The National Institute of Development Administration (NIDA) has now predicted that the Thai economy should expand by 3.7 per cent on average in 2013, while the Thai Ministry of Commerce has assessed that Thai exports should expand by 4 per cent on average this year. Nada Jansom, NIDA's Dean of the School of Development Economics, told journalists on Thursday that Thailand's economic growth should grow by 4.9 per cent in the fourth quarter of this year, thanks to good signs for expanding Thai exports. NIDA, however, revised its estimation of the Thai economic growth rate downwards to 3.7 per cent on average this year and the inflation at 2.5 per cent this year. Kamphol Panyagometh, NIDA Vice President for Research and Consulting Services, then projected that the Stock Exchange of Thailand (SET) index should further rise but key variable factors include the fate of domestic investment projects, the political situation, the reduction of economic stimulus measures by the US Federal Reserve (FED) and China's economic situation. Thai Deputy Prime Minister and Finance Minister Kittirat Na-Ranong noted that the opposition’s request for the Constitution Court to rule on the legality of the 2014 budget bill is delaying the government's investment and, consequently, the estimated Thai economic growth rate should drop from up to 4 per cent this year. The deputy premier said the government is, thus, speeding up the disbursement of its overdue budget payment, worth about 120 billion baht, in the 2013 budget to cushion the national economy late this year. Meanwhile, the Ministry of Commerce reported that the value of Thai exports in August 2013 amounted to 20.47 billion US dollars, a 3.92 per cent year-on-year growth, boosted by the recovering world economy. Srirat Rastapana, Director-General of the ministry's Department of International Trade Promotion, acknowledged that Thailand's export value in major markets, including the United States, Japan and the European Union (EU), went up by 2.92 per cent on average. According to the senior official, the export value in the first eight months of this year had amounted to 152.84 billion US dollars and expanded by 1.03 per cent on average and economic agencies concerned will review the country's export growth estimation for 2013 late next month, with the revised figure expected at 4 per cent year-on-year growth, from the previous targeted growth of 7-7.5 per cent. (TNA)