October 3, 2008
Bangkok - It was estimated that Thailand’s economy would grow in the third quarter of 2008, according to University of the Thai Chamber of Commerce (UTCC).
The UTCC coordinated with the Comptroller-General’s Department and Provincial Fiscal Policy Office to assess the economic outlook.
Though Thailand’s economy would grow in the third quarter, it was delayed by the political problem and high product prices.
The private sector’s consumption was affected by flooding although not many areas were flooded.
About 86,000 rai of land in 33 provinces were damaged. This accounted for 0.42% of the country’s farmland.
Damages valued 5-8 billion baht.
Economic growth of the northern and northeastern region would remain at 4.1% and 3.1% respectively.
Economic growth would be 4.9% and 4.7% in the central region and Bangkok and adjourning provinces.
It was expected Thailand’s economic growth would slow down due to the US financial crisis.
Less spending in the United States and Europe would also affect Thailand’s export next year.
Export growth would be only 8-10% compared to 20% this year.
