Thailand's economy shrank 10.7% in Q4 2011 as widespread flooding forced halts in production of autos, hard drives, other goods

BANGKOK, Thailand , February 20, 2012 () – Thailand's economy shrank 10.7 percent in the last quarter of 2011 as widespread flooding forced manufacturers of autos, hard drives and other goods to halt production.

The government's economic forecasting agency is predicting Southeast Asia's second biggest economy will rebound this year to grow between 5.5 percent and 6.5 percent. It grew only 0.1 percent in 2011.

Nearly a third of Thailand's 77 provinces including the capital Bangkok were hit by floods that started in late July.

The economy was 9 percent smaller in the fourth quarter when compared with a year earlier.

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