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Economy
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2006-12-04 05:57:03-05
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Thai economy expected to grow 5 percent this year
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Bangkok, Dec 4: The government raised its 2006 growth forecast Monday after the Thai economy expanded more than expected in the third quarter, when a military coup capped seven months of political turmoil. Analysts said the quarterly growth of 1.5 percent, adjusted for seasonal patterns, in gross domestic product and annual expansion of 4.7 percent would persuade the central bank against cutting interest rates when it reviewed policy next, on Dec. 13. "Even though the pressure on the strong baht would support arguments for easing, the GDP numbers would allow the central bank to be patient and to delay cutting rates," said David Cohen of Action Economics. The GDP data prompted the government to raise its 2006 growth forecast to 5 percent from a September projection of 4.2 percent to 4.7 percent. Growth in 2005 was 4.5 percent, reports International Herald Tribune
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