|
| NESDB Raises 2008 Inflationary Target for Thailand due to Skyrocketing Oil Price |
| UPDATE : 26 May 2008 |
|
|
NESDB Raises 2008 Inflationary Target for Thailand due to Skyrocketing Oil PriceThe state economic think tank has raised its 2008 inflationary target due to skyrocketing energy prices, while maintaining this year’s economic growth projection as confidence remains shaky.
The National Economic and Social Development Board (NESDB) today reported its first quarter GDP data which stands at six per cent.
A healthy economic growth was due to a continued expansion in Thai exports and higher agricultural produce prices during the first three months of this year.
NESDB secretary-general Ampon Kitti-ampon said that, even thought Thai economy has expanded satisfactorily lately, the agency decided to keep its 2008 GDP growth forecast at between 4.5 and 5.5 per cent because of prevalent risks surrounding confidence in the country.
However, the state think tank has increased its inflationary target from between 3.2 and 3.7 per cent, to between 5.3 and 5.8 per cent.
Surging oil prices were blamed for rising inflationary pressure.
Ampon added that expensive oil prices have already led Thailand to record a hefty 109 million U.S. dollars trade deficit, which was the first time in six quarters, while Thailand’s current account posted a surplus of 3.06 billion dollars in the first quarter of this year.
The NESDB chief stated that the agency would be keeping a close eye on energy situation, local political uncertainties and goods prices, which are likely to go up again soon.
|
| |
|
Go to Top  |
| |
|
|
