Prime Minister Abhisit Vejjajiva has expressed confidence that a growing export sector will help lift economic growth to at least 7% this year.
"The economy grew more than 10% in the first half on the back of strong exports. Exports should continue to expand in the third and fourth quarter," the premier said yesterday at a fair held by the Commerce Ministry to mark its 90th anniversary.
However, he admitted export growth for the rest of 2010 may be slower, as comparisons in the first half were to a very low base in early 2009 when the global recession was at its worst.
Thai exports in July grew for the ninth month on an annualised basis, but slowed from the month before. The value rose 20.6% from a year earlier to US$15.57 billion, after June's 46.3% year-on-year surge to a record of $18.04 billion.
Growth slowed due to a drop in shipments of rice, fruits and vegetables, and gems and jewellery. As well, exports started recovering in July last year when the economy started to rebound.
The premier urged the Commerce Ministry to help the private sector in doing business and play a key part in nurturing a creative economy, particularly for agricultural and service sectors.
The ministry is also being encouraged to outline a prudent strategy on international trade agreements and underline regional co-operation as to ensure fair trade and consumer protection.
Payungsak Chartsutthipol, chairman of the Federation of Thai Industries, said growth above 7% was highly likely should the government settle the Map Ta Phut environmental issues and restore the investment and trade climate.
The National Economic and Social Development Board will release official first-half economic data on Monday.
"Exports are expected to record 20% growth this year according to the Commerce Ministry," Mr Payungsak said. "Several products have fared better than expected, especially automobiles as Asean economies have thrived."
He said the private sector was not too worried about the strengthening baht because other currencies in the region were moving the same way, since the economies of the United States and Europe remain weak.
The Commerce Ministry set an export growth target of 10-15% for 2011 to ensure GDP grows by at least 7% in 2011, said minister Porntiva Nakasai.
In my own personal thinking, Growth is slower to export in this movement but the government will support crop and service businesses to increases exporting. Chairman of the Federation of Thai Industries said it will grow more than 7% in this year. They guessed it will be 20% are growing in some businesses such as mobile and engine. The private businesses owner not worried about rate of money because money rate in many counties in Europe and American are weakness. In the present, people need to know more about finance and business, so they can gain their own profit. Finances are becoming more important , I guess that in the future people have to know it, not just people but also student,too.
http://www.bangkokpost.com/business/economics/192199/abhisit-expects-exports-will-propel-gdp-up-7
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