It’s official. Latest government figures show Thailand’s GDP for the fourth quarter 2011 was down 9 percent compared to the year before. It also affected total GDP for Thailand, for all of 2011, which only rose 0.1 percent from 2010. The National Economic and Social Development Board (NESDB) reported the new figures today.
For Thais and Thailand residents, these latest GDP figurs aren’t surprising considering Thailand just went through its worst flooding in more than 70 years. When more than 35 percent of the entire country was basically incapacitated for more than two months, and 30 percent of Thailand’s production infrastructure was underwater, that the country only lost 9 percent of GDP some might say is a miracle. It also is a good testament to the resilience of the Thais.
Things do look a little rosier for 2012 too, so far, unless more flooding, a huge terrorist attack, or some other catastrophe hits Thailand (let’s hope not! We’ve really had enough bad luck for a while!). The NESDB is expecting around a 5.5 to 6.5 percent economic growth for 2011, and that’s nothing to be sneezed at.
That’s also actually quite feasible, as there’s a huge amount of repair and rebuilding going on because of last year’s floods, and that’s expected to continue for at least the first six months of 2012.