The Thai central bank may raise its economic growth forecast for this year from 6 percent after the economy showed a better-than-expected performance in the first quarter, Bank of Thailand Assistant Governor Paiboon Kittisrikangwan reportedly said Wednesday.
Thailand’s economy rebounded with a surprise 0.3 percent annual growth in the first quarter, following a flood-induced 8.9 percent slump in the previous three months, data from the National Economic and Social Development Board revealed yesterday. The economy grew 11 percent quarterly.
The latest expansion in economic activity was driven by a recovery in manufacturing, consumption, investment, and tourism following flood-related declines in the previous period. The planning agency maintained the growth projection for 2012 at 5.5 – 6.5 percent.
Earlier this month, the central bank lifted the 2012 growth outlook for the economy to 6 percent and forecast a 5.8 percent growth in 2013.
Elsewhere today, the World Bank forecast 4.5 percent growth for Thailand this year and expect it to pick up to 5 percent in 2013. The International Monetary Fund sees economic growth at 5.5 percent and 7.5 percent in 2012 and 2013, respectively.