Kitiratt says Q2 economic figures reflect administration’s work

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BANGKOK, 23 August 2012 – Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong has remarked that the economic figures in the 2nd quarter are in line with the government’s work while indicating the government’s readiness to further stimulate domestic spending. 

Mr Kittiratt delivered a speech during a seminar on the government’s one year in office and the future of the Thai economy on Thursday. He said despite contraction in the export sector, the Thai economy could still grow at 4.2% mainly due to a 5.3% expansion in household spending and an 11.8% growth in private investment. He disclosed that there was decent growth in other sectors as well, resulting from the government’s policy to reshape the Thai economy without depending on exports.

The deputy premier expressed his confidence that the export sector still stood a chance at thriving in the latter half of the year. He said the government was determined to make the economic growth exceed its forecast of 5.5-6% through effective budget management and export promotion.

Mr Kittiratt said the government considered Thai exports’ continuous growth, albeit shrinking, as a sign of sustainable economic development and an opportunity for the private sector to expand. He affirmed that the government would make sure that the public have high purchasing power, which would eventually result in higher growth of the overall economy.