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    Thai PM Sees Mild Economic Growth Slowdown


    by NTDTelevision

    Thailand's prime minister says his country's economy will grow over seven percent this year. It comes despiste floods and domestic unrest have unfolded in the country.

    Thai Prime Minister Abhisit Vejjajiva expressed confidence the nation's economy would grow more than 7 percent this year, while slowing a bit in 2011.

    Abhisit said in an interview Sunday that even after recent flooding, and despite domestic violence plaguing Thailand earlier this year, economic growth would be firm.

    [Abhisit Vejjajiva, Thai Prime Minister]:
    "For 2010 we are confident to get over 7 percent growth - that's taking into account the negative effects of the floodings. For the next year, I think it will slow down a little, but I think it would be a good, healthy rate of growth."

    After imposing a capital gains tax on bond trading profits, Abhisit said Thailand was willing to take more measures to control short-term inflows if needed.

    He stressed that Thailand was not in the business of seeking a certain level for its baht currency, while its export performance was strong.

    [Abhisit Vejjajiva, Thai Prime Minister]:
    "So far, after about a month or two, these currency movements, exports continue to grow very well. I think partly because it's not really a strong baht problem as much as a weak dollar problem, so that all the regional economies, and in fact even the economies as far as Latin American economies, are actually going through the same thing. So in the sense of relative competitiveness, it has not been affected that much."

    The baht has risen more than 11 percent against the dollar this year, the second biggest regional gainer after the yen, while the Thai central bank says it’s eying a tax on fund inflows.