Posted on 28 Nov 2008
The National Economic and Social Development Board (NESDB) has revised down the 2009 economic forecast from 4-5 per cent to 3-4 per cent, on assumption that political conflicts are solved.
Ampon Kittiampon, secretary-general of the economic think tank, said yesterday that contributing to the lower forecast is the slumping global economic growth, which could be only 2 per cent from previous projection of 3.7 per cent.
"The economic forecast would be achieved only when there is no chaos in the country and the government can function in promoting trade and investment as well as stabilising agricultural products prices.
Export volume next year is estimated to grow only 4.4 per cent, from the previous projection of 7.6 per cent. Trade deficits would rise to US$6.5 billion while current account deficit would account for 1.2 per cent of gross domestic product. Inflation would fall to 2.5-3.5 per cent, but unemployment rate would rise to 1.5-2.5 per cent of total workforces which are estimated at 31-34 million.
He urged the government to invest more in mega-projects as well as social, health and tourism promotion. NESDB also revised down the 2008 economic forecast from 5.2-5.7 per cent to 4.5 per cent.
