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May 24, 2009, 9:49 GMT

Thai prime minister: first quarter contraction worse than end 08

Bangkok - Thailand's economy will probably contract more in the first quarter of this year than in the last quarter of 2008, Prime Minister Abhisit Vejjativa said Sunday. The figures for January through March are due out early this week, Ahhisit said during his weekly television address. The country's gross domestic product (GDP) contracted 4.3 per cent in the fourth quarter of 2008, compared with the same period in 2007. Figures released later this week will show the GDP has contracted more than that the first quarter of this year, as regional economies are expected to shrink between 8 and 11 per cent, he said. The GDP in the second quarter should not shrink as much as in the first quarter, he said, as government stimulus cash starts to take effect. He said GDP should experience positive growth starting in the fourth quarter. Thailand has seen declines in exports as well as price drops for its top export earner, agricultural products. The tourism sector, the country's largest foreign exchange earner, has been hit by the global downturn and political strife in Thailand. In related news, the think tank Kasikorn Research Center reported Sunday that Thailand's currency, the baht, should remain valued at around 34-35 against the dollar during the next week.

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