Thailand’s economic growth boosted by exports

| May 23, 2011 | 0 Comments

Thailand’s economy, which is south-east Asia’s second largest, has experienced strong growth in the January to March period, boosted by exports and consumer spending.

According to the National Economic and Social Development Board, the economy expanded by 3% on an annual basis - better than expectations of a growth rate of 2.5%.

On a quarterly basis, meanwhile, the economy grew by 2% as it continues to recover from its mild recession.

However, analysts warn that supply chain disruptions could slow exports, as a result of the earthquake and tsunami in Japan.

In the meantime, other south-eastern Asian countries have experienced strong growth with Indonesia expanding by an annualised 6.5% in the first quarter, while Malaysia saw growth of 4.6%.

However, inflationary pressures are rife in Asia and many central banks have opted to hike interest rates in an attempt to combat rising prices.

In recent months, central banks in China, Indonesia, Vietnam, India and South Korea have all increased interest rates and Thailand’s central bank is expected to lift interest rates again on June 1.

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