BANGKOK, 23 February 2012 – The central bank is set to revise its 2012 GDP growth target after official reports showed Thai economy shrank more severely than expected last year.
The Bank of Thailand (BoT) Governor Prasarn Trairatvorakul has conceded that the 2011 economic growth of 0.1%, which was reported by the National Economic and Social Development Board (NESDB) earlier this week, will highly likely force the central bank to revise its growth forecast for this year.
Currently, the BoT’s 2012 GDP growth target is set at 4.9%
Mr. Prasarn said that the central bank has earlier pegged last year’s economic growth at 1.0%. With the official growth rate much lower than its prediction, the BoT is planning to revise downward its 2012 target.
However, the central bank chief noted that there remain possibilities that Thai economy will expand at 4.9% or more in 2012 if more economic catalysts can be found to help spur economic activities.
When asked about the timing of the next revision, Mr. Prasarn said that such an action will not take place anytime soon as many other factors are yet to emerge before the end of the year.