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Missed Targets May Cause Contraction of Thai Economy.
Byline: Parista Yuthamanop
Nov. 9--Thailand could see an economic contraction next year if fiscal stimulus and export promotion programmes miss targets, M.R. Pridiyathorn Devakula, governor of the Bank of Thailand, said yesterday.
Fiscal spending and local consumption were the main engines of growth in the first half, he said in a speech to the British Chamber of Commerce.
Rising unemployment would drag down consumption, he said, while manufacturing had fallen due to export declines since the second quarter.
The central bank expects exports to fall in value by 6 percent for the year from last year's level.
Current forecasts have the economy growing by 1.3 percent to 1.8 percent this year, and from 1 percent to 3 percent in 2002. The consensus forecast for 2002 is about 2 percent.
"Without the budget deficit, the economy wouldn't have grown at this rate," M.R. Pridiyathorn said.
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