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NEWS UPDATES 25 February 2010

Thai fiscal policy agency to revise growth estimate

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Thailand's Fiscal Policy Office (FPO) is revising its economic growth estimate this year since it expects the Thai economy to expand at least 4 per cent, which is higher than 3.4 percent forecast earlier, reported Thai News Agency.

Ekniti Nitithanprapas, FPO Director of Macroeconomic Policy Bureau, said the revised economic growth projection would be announced in March following a monitoring of the situation in late February.

However, he conceded the Thai economic recovery remained exposed to three main risk factors--global economic resilience, Thailand's domestic political situation, and disbursement of budget to support the implementation of the Thai Khem Keng Scheme.

A source at the Ministry of Finance revealed that the FPO planned to revise its economic growth projection because it realised key tax collection departments enjoyed higher-than-expected revenue.

The source said the economy is likely to continue recovering this year and believed as at the end of the second quarter of this year the government would enjoy higher-than-projected revenue.

In the first quarter of 2010, the government earned revenues of Bt348.17 billion, an increase of Bt66.86 billion or 23.8 per cent from the previous quarter and 25.7 per cent from the same quarter last year.

The top three departments with higher-than-expected revenues are the Revenue, Excise Tax and Customs Departments.


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