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Oil prices prompt Finance Ministry to downgrade GDP forecast.
(From Thai Press Reports)
Section: Economy - The Ministry of Finance today downgraded its 2005 gross domestic product (GDP) growth forecast by 0.1 percentage point to 6 percent, citing high global oil prices, avian flu and the continuing insurgency in the southern border region.
The move served to overshadow a low-key prediction that Thailand could record a trade deficit this year due to high imports of raw materials and capital goods.
Announcing the new forecast, Mr. Naris Chaiyasoot, Director-General of the Fiscal Policy Office (FPO), said that due to uncontrollable external factors, such as the global economic slowdown, high oil prices, rising interest rate trends, avian flu, drought and the southern insurgency, the ministry was cutting its growth prediction from 6.1 percent to 6.0 percent.
Nonetheless, he stressed that a number of positive factors would continue to act as motors for economic growth, including government investment in 'mega projects', the government's decision to set a mid-year budget of Bt50 billion, rising employment and economic stability.
He also insisted that the slower than expected economic growth was merely a reflection of adjustments in the nation's economic structure, and that if the ...
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