Monday, January 27, 2003
Thai economy grew 5.3% in October-December 2002: PM
Agence France-Presse Bangkok, January 27
Thailand's economy grew 5.3 per cent in the fourth quarter from a year ago, driven by exports, Prime Minister Thaksin Shinawatra said in a report on Monday.
The Krungthep Thurakij daily cited Thaksin as telling a party conference on the island resort of Phuket at the weekend that the economy had steamed ahead in the quarter supported by a 10 per cent rise in October-to-December exports.
The National Economic and Social Development Board (NESDB), the official records keeper, is scheduled to release its fourth quarter and 2002 gross domestic product (GDP) figures on March 17.
The body is forecasting growth of 4.9-five per cent for the fourth quarter, which would result in full-year GDP growth of 4.9 per cent.
Thaksin faced a storm of criticism earlier this month for reportedly rapping the NESDB over forecasting growth figures that he said failed to take account of the likely effects of the government's stimulus programmes, a cornerstone of its economic polices.
Thailand is enjoying a consumer-led recovery on the back of rising exports. Thaksin also told members of his party that the government would hasten the process of balancing the budget, the Thai-language daily reported. The budget deficit for fiscal 2004 was pegged at 100 billion baht ($2.3 billion), or one per cent of GDP, he said.
Meanwhile if prepayment to the International Monetary Fund was completed by July as scheduled, Thaksin reportedly added, the country's foreign debt would only be $10 billion higher than its foreign currency reserves.
Thai Finance Minister Somkid Jatusripitak said earlier this month that with the economy on the upswing, the government planned to repay its $4.8 billion IMF debt ahead of schedule in three installments over the first half of this year.
At the time, Somkid said the loan prepayment would not significantly impact the country's foreign currency reserves, which stand at roughly $38 billion, but would rather boost the country's reputation.
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