Skill : Reading Comprehension
No. 20
The Thai economy in 2005 has started off on a slow pace of 3.3 percent in the first quarter compared to its growth of 6.5 percent in 2004. Many factors have contributed to this downturn both domestically and internationally, including the sharp increase in crude oil prices that have pushed up inflation, drought conditions in many parts of Thailand that have cut agricultural production, the after effects of the tsunami, as well as the unrest in the three southern-most provinces that have resulted in a 10.1 percent drop in foreign tourism. The government had undertook many initiatives to improve these conditions, such as drought relief programs, restoring tourist destinations affected by the tsunami, tourism promotion, introduction of wholesale and retail price controls, and actively promoting exports. These measures resulted in economic growth of 4.6 percent in the second quarter of the year 2005 and by 5.3 percent in the third quarter, averaging 4.4 percent for the first 3 quarters.