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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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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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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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