BANGKOK, 15 June 2012 – The National Economic and Social Development Board (NESDB) will not yet revise the country’s GDP forecast despite the Eurozone crisis. However, it will continue to monitor the recession’s indirect effects on Thailand’s important trade partners exporting to Europe.
NESDB Secretary-General Arkhom Termpittayapaisith said Prime Minister Yingluck Shinawatra had assigned the NESDB to formulate national economic strategies in a form of a business plan for the periods of five, 10 and 20 years. The premier had also asked the office to update Thailand’s economic information, especially the information about the Thai-European trade relations and the Eurozone economy with a focus on Greece and Spain where recession hit the hardest. The updated information will be used to prepare Thailand for effects from the Eurozone crisis.
Mr.Arkhom said the NESDB would maintain this year’s GDP forecast at 5.5-6% since the European downturn did not directly affect Thai exports. The board will instead keep a close watch on Thailand’s important trade partners like China and ASEAN whose exports to the EU account for 19% and 22% respectively. Thai exports to the EU stand at only 9%.
Mr.Arkhom said he believed the Thai economy would improve due to government efforts to expedite flood prevention projects set to be completed in August-September 2012. The projects will draw investment to help stimulate the economy.
