ADB foresees Thailand's economic growth at 3.5-3.6% in 2017-2018

BANGKOK, April 20 (TNA) - The Manila-based Asian Development Bank (ADB) has maintained its projection of Thailand's economic growth at 3.5 per cent year-on-year in 2017, foreseeing that the Thai economy should further grow slightly by 3.6 per cent year-on-year in 2018. Luxmon Attapich, ADB's senior economist to Thailand, told journalists of the decision on Thursday, reasoning that growing Thai exports in line with other countries in the ASEAN Economic Community (AEC) should cushion the country's economic growth over the next two years. Luxmon forecast that Thai exports should expand by 3 per cent year-on-year and 4 per cent year-on-year in 2017 and 2018 respectively. Luxmon stressed that exports should be a major factor to drive Thailand's economic growth forward over the next couple of years, especially shipments of electronic parts and electric circuits, thanks to the advanced digital world currently when the "Internet is everything". According to the senior ADB economist, manufacturers of electronic parts in Thailand have also adjusted their produce to meet global demands. The senior ADB economist cautioned, however, that current tensions between the United States and North Korea and Washington's changing trade policy towards more protectionism, particularly against China, could become risk factors for Thai exports and the national economic growth although domestic consumption has been expanding in line with the rebounding locally-grown farm produce prices. (TNA)