Industry Ministry spokesman says hardening baht to hit Thai industrial GDP hard

By Pooky; 4/19/2013

The spokesperson for the Thailand’s Industry Ministry, Nathapol Nathasomboon, said the ministry’s economic research department is concerned that the inflow of capital to invest in Thailand will hardened the currency to 28 baht to the dollar, hurting industrial production which is greatly based on export. Nathapol said that at 29 baht to the dollar, or a 6.71% hardening of the currency, will see export of industrial goods drop 7.19% and Industrial GDP fall by 1.1% to 4% to 5%. He said if the baht hardened to 28 baht to the dollar, or hardening by 9.92%, exports of industrial goods would fall 11.02% and industrial GDP would fall to 1.5% to 2.5% (Source).

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