Bangkok--Jan 6--Ogilvy Public Relations Worldwide
JPMorgan announced its Thai economic forecast for a clear and better understanding following false news about the agency’s adjusting the 2005 GDP growth forecast figure to 0% after the tsunami disaster.
Vorapak Tanyawong, Senior Country Officer for Thailand, announced that, “JP Morgan is optimistic about the Thai economy forecasting that in the first quarter of 2005 it will grow at a 4.4% rate, compared to the same period of 2004, despite the vast impact from the tsunami disaster in the South. The 0.0% figure came from our comparison of the growth rate of the forecasted first quarter of 2005 and the last quarter of 2004, which is not a clear comparison since the economy is inclined to changes in different.”
JP Morgan believed that the impact will be gone soon and expected that the overall national economy would spring back to its normal expanding condition. Strong tourism industry and rehabilitation projects will boost fast economic recovery. Following its careful consideration of the disaster, the company expects a significantly smaller economic impact than the regional SARS outbreak crisis in 2003.
JP Morgan has consistently been upbeat on the structural fundamentals of the Thai economy. The company correctly predicted the trend improvement in Thailand’s sovereign credit ratings in the recent years and maintains the view that prospects for Thailand to return to single —A territory once again remain very favorable by the next two years.
Issued on behalf of : JP Mprgan
For further information: Kanchana Divari ([email protected])
JP Morgan Thailand
Tel. 0 2684 2805
Isavara Sakunwadhna
([email protected])
Ogilvy Public Relations Worldwide
Tel. 0 2632 8300-7 End.