ADB raises projection of Thailand's GDP growth rates in 2018, 2019

BANGKOK, September 27 (TNA) - The Manila-based Asian Development Bank (ADB) has raised its forecast figures of Thailand's gross domestic product (GDP) growth in 2018 and 2019, thanks to expanding Thai exports, as well as domestic investment and consumption. ADB said in an updated report on the economic trend in Asia, released on September 26, that Thailand's GDP expanded by 4.8 per cent year-on-year during the first half of this year, which was higher than its earlier projection, prompting it to raise its forecast of Thailand's GDP growth in 2018 and 2019 to 4.5 per cent year-on-year and 4.3 per cent year-on-year respectively, from 4 per cent year-on-year and 4.1 per cent year-on-year. According to the ADB report, Thailand's steadily growing exports, by about 10 per cent year-on-year each in 2018 and 2019, in line with the expanding world economy should be a major drive of the national economic growth this year and next year. Besides, the expanding private consumption by about 4-4.5 per cent year-on-year in 2018 and 2019, generated by the more creation of jobs and people's rising income, and expanding investment projects in both the public and the private sectors, observed by the highest level in five years of the Thai capacity utilization index, should be other positive factors driving forward the national economic growth. The ADB report cautioned, however, that risk factors remain against the growing Thai economy in 2018 and 2019, including impacts from the ongoing trade war between the United States and major trading partners, the unstable world financial economic condition and a rising trend of capital outflows in line with rising global interest rates. ADB acknowledged that the Thai economy is apparently stronger to cope with the risk factors, compared with other emerging economies in Asia. (TNA)