The global economic revival, which was visible at the beginning of the year, gathered substantial pace during the year. After years of suppressed prices and pent up demand, prices of almost all commodities ranging from steel, petrochemical, cement to freight, increased dramatically but yet not affected industrial consumption. However, the sustained high levels of oil price are now beginning to raise the specter of worldwide inflation and have started to dampen the prospects of further economic growth. The geo-political situation was generally stable aiding the boom. Thailand’s economy grew by 6.8% in 2003 but in 2004 it could end slightly slower at about 5.5-6%.