Bloomberg News

Thai Finance Ministry Cuts Forecast for 2011 GDP Growth to 1.1%

December 28, 2011

Dec. 28 (Bloomberg) -- Thailand’s finance ministry expects the economy will grow 1.1 percent this year after flooding slashed production and reduced domestic demand, said Somchai Sujjapongse, head of the ministry’s fiscal policy office.

The ministry last month cut its 2011 economic growth forecast to between 1.7 percent and 2 percent, from an earlier estimate of 2.6 percent, because of the flood disaster.

The economy may grow by between 4.5 percent and 5.5 percent in 2012, with a midpoint of 5 percent, Somchai told reporters today.

To contact the reporter on this story: Suttinee Yuvejwattana in Bangkok at suttinee1@bloomberg.net

To contact the editor responsible for this story: Tony Jordan at tjordan3@bloomberg.net


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