Growth in developing East Asia is expected to be 8.6% in 2008 as a result of the unfolding financial turmoil in the US and the resulting global slowdown, says the World Bank’s latest six-monthly review of the East Asia and Pacific region’s economies. Although that is below 10.2% in 2007, it’s still very strong by international standard. In fact, according to the latest East Asia & Pacific Update, the region and especially China has increasingly become a “growth pole” in the world economy – acting as a counterweight to the slowing industrial economies.  | | waiting for customers |
In Thailand, the challenge this year is to sustain the strong export growth and improve domestic demand. The slowdown of the global economy could make it difficult for Thai exports to repeat the robust performance of 2006 and 2007, while higher inflation could dampen domestic consumption. In its latest Thailand Economic Monitor, the World Bank also increased its forecast for Thailand’s 2008 GDP growth to 5% from the previous 4.6%, citing the expected recovery in domestic demand and the Thai Government’s short-term economic stimulus measures as the main factors. However, the Bank also warns that there are significant risks that this growth might not be achieved, particularly because of the uncertain global environment and the rise in food as well as energy prices.
Thailand Economic Monitor - April 2008
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The twice-yearly Thailand Economic Monitor reviews the state of the Thai economy. It contains information on the economic outlook, progress on key reforms, changes in the country's debt situation, progress on financial sector reforms, including banking sector reforms, and developments in corporate reforms and corporate restructuring. |
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