2010 GDP to grow 4.3-5.8%

BANGKOK, 29 April 2010 (NNT) – The Bank of Thailand (BoT) has revised its forecast on the country’s gross domestic product (GDP) expansion for 2010 to 4.3-5.8%, up from its initial prediction of 3.5-5.3%.

Despite a potential 0.9% reduction of the GDP resulting from the political chaos in the country, the BoT estimated that this year’s GDP would grow by 4.3-5.8% as of now. The central bank also indicated a high tendency for the figure to expand at the rate of 5.0-5.5% at year’s end.

However, although the GDP for the first quarter of 2010 rose at least 8%, the ongoing political tension is still considered as a factor that could notably impede the economic growth in the second quarter.

At present, the tourism sector has contracted from the initial projection of 4% to -7%. The public consumption is expected to grow 2.5%, down from the predicted 5.3%, while the investment may expand at 5.1%, lowering from the estimate of 8.9%.