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Thai economy to experience global economic risk factors: UTTC
The Thai economy is set to experience risk factors arising from the global economic slowdown this year with exports likely to grow at a slower pace and imports to increase, according to the University of Thai Chamber of Commerce (UTTC).
Utha Pisalvanich, director of the university's International Trade Study Centre, predicts that the country's economic conditions this year will be affected by the continued global economic slowdown, higher oil prices, rising food prices, and the weakening of the US dollar. He forecast economies of the United States, Japan, and Europe would slow and countries worldwide would experience higher inflationary pressure. Under the circumstances, he said, Thailand's exports this year are expected to grow by 12.8 per cent to US$172.84 billion in value, down from 18.09 per cent this year. By Rajesh Kumar, Section Diaries Posted on Tue Jan 15, 2008 at 01:30:06 AM EST
Thailand will rely less on traditional export destinations for its products, but would turn to export more to new markets. However, overall exports will grow at a slower pace since the baht had strengthened.
He predicted crude prices would rise by 20.6 per cent to an average of $87.21 per barrel this year from $72.3 per barrel last year. Diesel prices would increase by 13.9 per cent and gasoline prices by 11.9 per cent. The oil price hike would fuel production and transport costs, which could affect the country's export competitiveness. However, imports this year are forecast to rise by 14.85 per cent to $161.94 billion compared with 9.49 per cent last year since the value of capital goods and other products is expected to increase. This year, Mr. Utha projected, Thailand will still enjoy a trade surplus of $10.89 billion, down from $12.2 billion last year, and a current account surplus of $13.47 billion, down from $15 billion the year before. (TNA)-E005
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