Bangkok Bank expects GDP growth of 3.6% this year


BANGKOK, 20 September 2011 – Bangkok Bank Executive Chairperson Kosit Panpiemrat has projected that this year’s gross domestic product (GDP) will expand by 3.6 percent, thanks to the Government’s economic policies adopted in the latter half.

Mr Kosit voiced his belief that the GDP for the whole year would be able to grow at the rate of 3.6 percent even though the figure was lower than the previous target of 4 percent. The earthquake and tsunami disaster in Japan in March was said to be the most prominent negative factor as it prompted a major economic setback in the second quarter.

However, the Executive Chairperson assured that the national economy would recover quickly during the third and fourth quarters with the help of various economic stimulus measures set to be implemented by the Government.

On the other hand, a close eye needs to be kept on the Government’s intervention in agricultural product prices and distribution of privileges and benefits to people when putting its policies into practice. Global economic problems which could impact certain businesses of Thailand should also be monitored.

Regarding the 2012 expenditure budget with a deficit target of 350 billion THB and an export growth of 10 percent, Mr Kosit pointed out that it would help the Thai economy next year expand by 4 percent if all targets were met.