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PM: 2012 GDP growth 5.5-6.5%

Source: Bangkok Post (February 2012)

Gross domestic product growth for 2012 is expected to be 5.5 per cent to 6.5 per cent because this is the year of post flood rehabilitation and rebuilding the country, Prime Minister Yingluck Shinawatra said on Thursday.

At a seminar on 2013 fiscal budget policy, Ms Yingluck said the financial crisis in Europe and elsewhere might have some impact on the Thai economy and therefore budget planning must take this into account.

Thailand must turn from a reliance on exports, which are dependent on the economies of the country's key trade partners, and rely more on domestic spending, she said.

The government has a policy to stimulate economies of local communities, and therefore the budget plan for next year is very important in setting the future direction of the country, said the premier.

Ms Yingluck said the cabinet on Wednesday approved the 2013 fiscal budget expenditure framework at 2.40 trillion baht, with a deficit of 300 billion baht.

She called on all state agencies to be cautious in spending budget funds and maintain fiscal discipline. All spending must be transparent and open to checking, and balanced, based on the needs of the people.

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