Thai GDP to grow 7%-8% this year: PM

Source:Xinhua
13 Oct, 2010

Thai Prime Minister Abhisit Vejjajiva said Wednesday that the country's gross domestic product (GDP) for the year 2010 is expected to grow 7 percent to 8 percent year-on-year.

The prime minister said this year economy was initially predicted to expand only 4 percent to 5 percent but with the surging exports which was estimated to increase 20 percent to 30 percent, it would grow more.

Expanding export sector is partially attributed to the recent economic cooperation of ASEAN member countries that have pushed forward establishment of free trade areas.

Besides, the increasing involvement of economic partnerships of important economies -- India, China, Japan, Australia and South Korea -- has significantly driven Thailand's export growth, according to the prime minister.

He believed the ASEAN population in the next five years would rise to 700 million and the GDP of the 10 member countries would be more than 2.5 trillion U.S. dollars.

The Association of Southeast Asian Nations (ASEAN) was formed in August 1967 aiming at accelerating the economic growth, social progress and cultural development in the region. Its ten member nations consist of Indonesia, Thailand, Singapore, Malaysia, the Philippines, Brunei, Vietnam, Myanmar, Laos and Cambodia.