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Thailand Signals Slower Growth As Export Outlook Wanes: Economy
Thailand signaled growth in the second half of this year may be weaker than previously forecast as a global slowdown hurts exports from Southeast Asia’s second- biggest economy.
Gross domestic product is forecast to expand 5.5 percent to 6 percent, compared with a previous growth range of 5.5 percent to 6.5 percent, Arkhom Termpittayapaisith, secretary-general of the National Economic and Social Development Board, said in Bangkok today. It reduced the forecast for export growth to 7.3 percent from 15.1 percent on concern Europe’s crisis will damp demand, he said.
Yingluck Shinawatra, Thailand's prime minister, has shelved politically contentious legislation to focus on the economy as Thailand recovers from the worst floods in almost 70 years in 2011. Photographer: Dario Pignatelli/Bloomberg
Thailand’s warning underscores the need for Asian economies to rely on domestic demand for expansion as Europe’s crisis and elevated U.S. unemployment erode export gains. While Thailand joined Malaysia and Indonesia among Southeast Asian nations reporting accelerated growth in the second quarter as policy makers implement fiscal stimulus, its downgraded forecast may reflect regional struggles with sales abroad.
Sharp Shares Fall After Reports On Restructuring: Tokyo Mover
Sharp Corp. (6753), Japan’s biggest maker of liquid-crystal displays, fell the most in five days in Tokyo trading on reports the company may eliminate more jobs and seek investments from companies other than Foxconn Technology Group.
The shares dropped as much as 4.9 percent to 175 yen and changed hands at 177 yen as of the 11:30 a.m. trading break, extending the loss this year to 74 percent. Sharp is the worstperformer in the Nikkei 225 (NKY) Stock Average this year.
Toyota Faces 20% Drop In Japan Industry Sales As Aid Ends
Toyota Motor Corp. (7203) and Honda Motor Co. (7267) can thank government aid for helping auto industry sales grow faster in Japan than any major market this year. As state subsidies are about to run out, so may the euphoria.
Japan vehicle sales, after surging about 53 percent in the first seven months, will drop as much as 20 percent next quarter as the payouts expire, analysts at BNP Paribas SA and IHS Automotive said. Toyota is counting on a cheaper version of the Prius hybrid to sustain demand, while Nissan Motor Co. (7201) has said it will offer support to dealers.
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