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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Thai economy slows in November: central bank AFP - 46 minutes ago BANGKOK (AFP) - - Thailand's economy slowed across the board in November due to political turmoil at home and the global financial crisis, with vital exports falling 17.7 percent, the Bank of Thailand said Tuesday. Thailand's economy has been battered by a crippling week-long blockade of Bangkok's airports in late November and early December, while it has also suffered from economic problems faced by its trading partners. "In November 2008 the overall economy notably decelerated, crop prices continued to fall, the number of tourists declined markedly due to political conflict and at the same time, manufacturing production and export values registered the first contraction in several years," the bank said in statement. Amara Sriphayak, the bank's senior director of domestic economy, said November exports fell 17.7 percent to 11.8 billion dollars, the first contraction since March 2002. "Exports shrank because the economy of our trading partners slowed down and last year, November exports were very high," Amara said. "If there had been no airport closures, exports would have dropped only 10.9 percent." In November imports grew by only 0.2 percent to 12.7 billion dollars, sharply down from the previous month's growth of 23.5 percent. Thailand registered a trade deficit of 896 million dollars in November. That and the deficit in services as the number of tourist arrivals plunged led to a November current account deficit of 935 million dollars. Headline inflation was reported at 2.2 percent due to falling oil prices, down from 3.9 percent the previous month. Core inflation dropped to 2.0 percent from 2.47 percent in October. The Bank of Thailand projected that the economy will contract at 2.5 percent in fourth quarter of this year compared to the previous quarter and it will be stable at 0 percent on a year-on-year basis. "Our economy in the first quarter of next year depends on government stimulus measures," Amara said. New Prime Minister Abhisit Vejjajiva pledged in his first policy speech on Tuesday that he would boost the economy, restore foreign investor confidence and heal Thailand's political wounds. He has announced a 300-billion-baht (8.6-billion-dollar) stimulus plan. However, he was forced to move the speech from parliament to the foreign ministry because of protests calling on him to hold fresh elections. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Thai economy slows in November: central bankAFP - 46 minutes ago China Eastern Airlines bailout swells to $1 blnAP - 1 hour 39 minutes ago SKorean bank: Ssangyong aid depends on China ownerAP - 1 hour 42 minutes ago Turkey's Sabanci sees end-2009 real economy pick-upReuters - 1 hour 53 minutes ago Related Articles: Business Airlines 'shrinking by all measures' - IATAReuters - 22 minutes ago Rosneft expects its '09 oil output to grow slightlyReuters - 26 minutes ago Gaza dominates Gulf leaders summitAP - 28 minutes ago World markets gain, led by higher energy stocksAP - 33 minutes ago Indian 10-yr bond yield falls to lowest since May '04Reuters - 34 minutes ago Enlarge Photo Thai economy slows in November: central bank Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Actress Jennifer Aniston appears naked in GQ magazine Obama economic plan to cost between 675 and 775 bln: aides Two thousand and strange: offbeat stories of the year Natural disasters 'killed over 220,000' in 2008 International community piles pressure on Israel View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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