BOT keeps Thailand's projected GDP growth in 2012 at 5.7%

BANGKOK, October 27 (TNA) - The Bank of Thailand (BOT) has maintained its forecast on the country's economic growth this year at 5.7 per cent, but revised its projected growth figure for the national economy downward, from 5 per cent to 4.6 per cent, in 2013 due to impacts from the ongoing European debt crisis. BOT Assistant Governor Paiboon Kittisrikangwan explained on Friday that the prolonged debt crisis in Europe and some expiring financial measures of the United States have affected the economies of Thailand's major trading partners and then Thai exports. Paiboon acknowledged that the BOT also revised its forecast for the Thai export growth in 2013, from 10.8 per cent to 9 per cent, although the central bank assessed that Thai exports should rebound from the second half of next year onward in line with the expected world economic recovery. For this year, Thai exports are likely to grow by only 4.4 per cent. According to the BOT assistant governor, the Thai economy will, however, keep expanding, cushioned by rising domestic demand caused by low interest rates and the government's populist policy, covering a tax refund for first-car buyers; while inflation is likely to remain at low levels next year, below 3 per cent, amid declining world oil prices, from 110 to about 105 US dollars per barrel.(TNA)