Thailand Economic Monitor, April 2005
The Thai economy weathered both domestic and external shocks last year and will also do so this year. Real GDP last year grew by 6.1 percent despite higher oil prices, the Avian Influenza, and the unrest in the far South, which had adversely affect...
| Main Author: | |
|---|---|
| Format: | Report |
| Language: | English en_US |
| Published: |
World Bank, Bangkok
2021
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/971501468304833943/Thailand-economic-monitor http://hdl.handle.net/10986/36774 |
| Summary: | The Thai economy weathered both domestic
and external shocks last year and will also do so this year.
Real GDP last year grew by 6.1 percent despite higher oil
prices, the Avian Influenza, and the unrest in the far
South, which had adversely affected household confidence and
consumption as well as foreign direct investments last year.
Growth last year was partly helped by the rise in public
investment after its retrenchment for 6 consecutive years.
In addition, tourism revenues rebounded from the SARS scare
in 2003 as reflected in the growth of exports of services,
of over 10 percent last year. Some of the negative shocks
such as the Southern unrest and the higher oil prices extend
into this year (see Box 1 for discussion of oil price
impact). In addition, the severe drought towards the end of
last year and early this year would reduce agricultural
production this year and could hurt farm incomes and rural
consumption. The tsunami disaster in the six southern
provinces late last year also has an adverse impact on
tourism receipts, although to a large extent mitigated by
the relief measures. With the world economy expected to slow
down this year, Thailand's key export markets will also
grow at slower rates. Given these negative factors, real GDP
growth this year will therefore likely slow down to 5.2 percent. |
|---|