Thailand upgrades economic forecast

Article Date : 25 February 2008

Thailand's economy appears to be in good health following a move from the country's National Economic and Social Development Board (NESDB) to revise its growth estimates for the year upwards.

The NESDB said that it had changed its initial predictions of four to five per cent to 4.5 to 5.5 per cent, as consumption and investment rose.

The Thailand property market will be bolstered by news of infrastructure expenditure and a general increase in inward investment.

NESDB secretary-general Amphon Kittiampon said the signs were that the country was stabilising following a period of political uncertainty, with state and private investment set to grow.

Speaking to reporters, in quotes carried by Thomson Financial, he commented: "I would not have the confidence to make this forecast if I did not have solid data on major new investments and exports, in addition to the positive economic upturn in the final quarter of last year."

Acknowledging the risk that a global slowdown could impact on the country, he confidently predicted "sustained growth" for Thailand's economy.

Thailand upgrades economic forecast

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