DPM:There is sound momentum for Thailand's economic recovery

BANGKOK, May 17 (TNA) - Deputy Prime Minister Somkid Jatusripitak, who oversees economic affairs, has expressed his satisfaction with Thailand’s gross domestic product (GDP) growth at 3.2 per cent year-on-year during the first quarter of this year, the highest in three years, saying that there is now a sound momentum for the national economic recovery. Somkid told journalists on May 16 that Thailand's highest GDP growth in three years during the January-March period was mainly boosted by government spending, especially on a new economic stimulus dubbed the "Pracharat" Programme, plus the expanding domestic tourism industry. Somkid pointed out that growing private investment, especially in the domestic construction and property sectors, also attributed to Thailand's highest GDP growth in the first quarter of this year. The deputy premier noted although income of local agriculturists had not yet increase due to a drop in farm produce prices, they could earn supplementary income from the government’s projects in rural area. According to the deputy premier, there are positive signs that the Thai economy will be recovering during the rest of this year, as state budgets spent on the government's mega-projects have started flowing into the local economic system plus steady domestic tourism growth and rising investment from international investors. The deputy premier cautioned, however, that there is a need to monitor Thai exports closely because of a remaining global economic slowdown. The deputy prime minister also stressed that the Thai government prioritises a continual national reform to support the national economic expansion on a sustainable basis. The deputy premier projected that investment from overseas should be on the rise following Thailand's improved ranking to the 21st position on a world list of the most attractive investment economies. Meanwhile, Bank of Thailand (BOT) Assistant Governor Jaturong Jantarangs told reporters that the country's GDP growth at 3.2 per cent year-on-year during the first quarter of this year, which was reported by the National Economic and Social Development Board (BOARD), was almost identical to the figure projected by his central bank. Jaturong assessed whether Thailand's GDP growth could meet the targeted 3.1 per cent year-on-year on average in 2016 would depend on vital factors during the second half. (TNA)