IMF foresees 3% GDP dip in Thailand

Thailand’s economic contraction this year will be limited to 3% as the government increases spending to counter falling exports, the International Monetary Fund said yesterday. The government’s budget deficit is expected to widen to 4.5% of gross domestic product in the current fiscal year ending Sept 30 from 0.5% in the previous year, the Washington-based lender said in a statement. The economy may expand 1% in 2010. (Source: Bangkok Post)