BOT upbeat on strong Asian, global prospects

 

The Bank of Thailand (BoT) has disclosed expectations that strengthening Asian economies and improving global prospects will combine to drive Thailand’s growth this year.

BoT director of macroeconomic policy, Roong Mallikamas (รุ่ง มัลลิกะมาส), said healthy domestic demand and strong growth among Asian economies will underpin Thai expansion in the first half of this year.

She added that the outlook for the domestic economy could improve further in the second half when the effects of improved global prospects are felt in the Kingdom.

Ms Roong elaborated that although tail risks, such as Greece exiting the euro zone, have dissipated and the US economy is witnessing a nascent recovery in the housing and real estate sectors, growth will remain modest and below the trend. The BoT has so far included the risk from the US sequestration in its 2013 economic forecast, after US lawmakers failed to agree on budget cuts.

In Thailand, the bank executive pointed out that the backlog of car transfers boosted by the government’s tax rebates will continue to boost consumption. Growth in private investment is expected to strengthen in line with the government’s implementation of its investment budget.

 

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