BOT maintains Thai growth forecast
BOT maintains Thai growth forecast
BANGKOK: Thailand's central bank has maintained its economic
growth forecast of 2.5-3.5 percent for this year, a report said
Thursday.
The prediction would remain despite the fact several
institutions have revised their figures in light of signs of
recovery in the domestic economy, Bank of Thailand (BOT) governor
Pridiyathorn Devakula told the Business Day.
"The BOT's previous growth prediction suits the current
economic situation," Pridiyathorn was quoted as saying.
The National Economic and Social Development Board, a Thai
economic agency, said last week it was planning to raise its
growth forecast up from its earlier prediction of two to three
percent.
It declined, however, to provide the new estimate, which will
be released Monday.
Last month the International Monetary Fund raised its growth
forecast for Thailand in 2002 to 3.2 percent from 2.7 percent. --
AFP
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MoneyMatter-Japan-retaliate
Japan delays retaliatory action
JP/16/Money
Japan delays retaliatory action
TOKYO: Japan has delayed a plan to retaliate against U.S.
steel tariffs following talks between top trade officials from
the two countries, the trade ministry said Thursday.
The agreement followed a one-hour telephone conversation
between Japanese Trade Minister Takeo Hiranuma and U.S. Trade
Representative Robert Zoellick on Thursday.
"We agreed not to raise tariffs. I got an impression from
talks with Zoellick that the United States has been working
constructively on Japanese concerns," Hiranuma told reporters.
In March, U.S. President George W. Bush announced he was
applying tariffs of up to 30 percent on most steel imports to
protect the ailing U.S. steel industry, prompting Tokyo and other
countries to lodge complaints with the World Trade Organisation.
Japan later warned it would impose 100 percent tariffs worth
4.88 million dollars a year on certain U.S. steel products from
June 18 unless the United States dropped its new tariffs on
Japanese steel imports. -- AFP
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MoneyMatter-Chinese-consumer
Chinese consumer prices drop
JP/16/Money
Chinese consumer prices drop
BEIJING: Chinese consumer prices dropped 1.1 percent in May
from a year earlier, the seventh straight month that the index
has fallen, a report issued by the National Bureau of Statistics
revealed Thursday.
May's fall in prices follows a 1.3 percent year-on-year drop
in April, according to the statistics issued by the bureau.
In the five months to May, the consumer price index (CPI) was
down 0.8 percent year-on-year, having dropped by 0.7 percent in
the four months to April.
Chinese planners have targeted a two percent inflation rate
for the year, but oversupply in key industries and increasing
joblessness were working to keep prices and wages down, analysts
said. -- AFP
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MoneyMatter-WB-Pakistan
WB clears US$500m for Pakistan
JP/16/Money
WB clears US$500m for Pakistan
WASHINGTON: The World Bank said it had cleared a US$500-
million loan for Pakistan as it approved a strategy for continued
engagement with the country.
The credit from the World Bank's International Development
Association, announced late Tuesday, has a 35-year maturity with
a 10-year grace period and a 0.75 percent service charge.
It is aimed at supporting Pakistan's economic reform and debt
reduction plans.
The plans include reforming the power sector, revamping the
tax system to boost revenue, attracting investment in oil and gas
sectors and improving social services, education and health.
The South Asian nation also planned to set up a system to
monitor implementation of the reforms, the Bank said.
World Bank directors also approved a new country assistance
strategy (CAS), which will guide the Bank's work in Pakistan over
the next three years, it said. -- AFP