Fastest Q3 economic growth is Thailand's in Asian region

Fastest Q3 economic growth is Thailand’s in Asian region

Thai economy grew by 5.8% over the last year same quarter main reasons commented to be the recovery in exports together with strong growth of private sector, by many economy experts. With such growth rate, Thailand is the fastest growing nation in south-east Asia in the July-September period. Only Malaysia recorded a similar growth rate with 5.6% for this third quarter. Remaining countries such as Indonesia, the Philippines and Singapore growth levels remained below 4% levels. The domestic economy in Thailand was supported by the rising exports as well as the very heavy government spending and programs to extend credit to low-income consumers; a situation resulted in the private consumption to grow by 5% and the private investment by 18.7% according to data revealed by the National Economic & Social Development Board. Many experts believe that Malaysia might very likely surpass the Thai growth next year, as this country exports oil and has benefited from the rise in oil prices lately influenced by the fears of a possible war between the US and Iraq. Thai GDP is expected to grow by 4.9% in 2002 and 4.5% in 2003 with a risk of slowing down to 3.5% in case of a Iraqi war. China continued to be the leading country in the region with a 8.1% GDP growth and South Korea follows with a 5.8% year on year.