Thailand's Central Bank Projects 2013 Economic Growth At 4.6%

BANGKOK, December 5 (TNA) - Thailand’s economy is expected to grow at 4.6 per cent in 2013, despite impact from a weak global outlook. Governor of the Bank of Thailand Prasarn Trairatvorakul said this year’s growth, meanwhile, was expected above 5.7 per cent, higher than earlier projections, due to higher domestic spending and tourism revenue, as well as post-flood rehabilitation and other state stimulus plans. However, he noted that a weak global economy, persisting debt and fiscal problems in the U.S. and Europe could hamper growth. Economic expansion in China and other Asian countries could cause the Thai currency to fluctuate due to heavy inflows, he added. The central bank governor also warned that an increase in daily minimum wage to 300 baht across 70 Thai provinces next year could severely hurt small business. The private sector would be required to work against higher competitiveness and operational costs, which could slow down private investment. (TNA)