S&P worries about slowdown in Thailand

Thai News Agency
Standard & Poors, the world's foremost provider of independent credit ratings, has expressed concerns over a slowdown in investment and consumption in Thailand, according to the Fiscal Policy Office’s Director-General Pannee Sathavarodom.
She said an S&P representative had met with her as scheduled to enquire about Thailand’s economic conditions in the first half of this year so that it could use it for a credit rating of the country at the end of the year.

S&P was concerned with the investment and consumption slowdown in Thailand, she said, adding that she had explained to the agency that people and investors slowed their decision to buy and invest because of political uncertainties.

Mrs Pannee assured the agency that the Thai economic fundamental remains strong and FPO still believed the economy would continue to grow 4-4.5 per cent this year.

However, FPO would need to review factors to the economic expansion late this month before making a revision of the economic growth estimate.

She said private investment appeared to begin to recover as could be witnessed by an increased number of applications for investment promotions with the Board of Investment.

Mrs Pannee said she believed consumer confidence, which declined continuously, would begin to improve in the second half of this year since the political situation is set to become clearer. (TNA)