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Weak exports slow down Thai economy in Q3

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October 29, 2008

Weak exports slow down Thai economy in Q3
The Thai economy grew slowly in the third quarter of this year since exports had declined in tandem with the global economic slowdown, reported government enws agency TNA, citing statistics from the Fiscal Policy Office (FPO).

The agency quoted FPO director-general Somchai Sujjapongse as saying that the third-quarter economy expanded 4.5 percent. The office forecast the economy would continue to grow at 4 percent in the fourth quarter and 5.7 percent for the full year.

The official said that the Thai economy would not be adversely affected by the global economic downturn given the fact that the country's international reserve is as high as $102 billion, the unemployment rate remains low, and foreign debts small.

He suggested that the government accelerate implementing mega projects since private-sector companies and supporting industries in the construction field would benefit from the move.

Unlike the FPO, the central bank has a less rosy outlook as it sees 3.8-5 percent growth next year or even less than that if the government fails to come up with new measures to stimulate the economy or existing economic stimulus measures are fruitless.

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