27 May 2008 06:52 [Source: ICIS news]
SINGAPORE (ICIS news)--The Federations of Thai Industries' Petrochemical Industry Club (FTIPC) has forecasted production and consumption increases across petrochemical products in its country report, it said on Tuesday.
In a presentation at the Asian Petrochemical Industry Conference (APIC) conference, it said the Office of the National Economic and Social Development Board (NESDB) estimated that the economy will grow 4.5-5.5% in 2008 on an expected recovery in private investment and better-than-expected exports, as well as overall economic stability.
Low interest rates and government policies strengthening the domestic economy and business confidence would also support growth.
The report noted the global slowdown, continuity in the baht appreciation, surging oil prices as well as the US subprime mortgage crisis as downside risks that could affect the business environment and subsequently, national growth.
Production numbers were also projected to increase across the board due to additional capacity being added at various facilities.
Polyvinyl chloride (PVC) production is also set to increase 8% in line with forecasted consumption growth of 5%.
Similar forecasts have also been reported for synthetic rubbers, synthetic fibres raw materials and other chemicals.
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