Finance Ministry forecasts 3.3% GDP growth

BANGKOK, April 29 (TNA) -- The Finance Ministry revised its forecast on the Thai economic growth rate this year downward from 3.7% to 3.3%. Warothai Kosolpisitkul, deputy director-general of the Fiscal Policy Office, said the forecast was revised downward regarding possible risks stemming from global economic problems and the fluctuations of oil prices, capital flows and foreign exchange rates. The Thai economic growth rate was 2.8% last year. He viewed as positive factors growing tourism, large-scaled government investment, and economic stimulus measures. Mr Warothai also said that consumption and investment in the private sector would gradually recover. Headline inflation will run at 0.3%. The current account will show a surplus of US$38.5 billion, 9.7% of the gross domestic product. Kulaya Tantitemit, deputy spokeswoman of the Finance Ministry, said that the ministry revised the global economic growth rate downward from 3.56% to 3.49% regarding the unchanged repo rate and weak economy of the United States and the quake-affected Japanese economy. The baht value would stand at 35.5 baht against a US dollar, the Thai export value would decline by 0.7% and the Thai GDP would grow by at least 3% in the three subsequent quarters of this year, similar to the rate in the first quarter, she said. (TNA)