FPO:Thailand's economic stability remains sound

BANGKOK, December 27 (TNA) - The Fiscal Policy Office (FPO), under the Thai Ministry of Finance, reports that the national economic stability remains sound, saying that the rising domestic investment, employment and consumption now become key factors to stimulate the national economic growth in 2018 and 2019. FPO Deputy Spokesman Dr. Pisit Puapan, who is also Director of the ministry's Macroeconomic Analysis Division, told journalists of the update on December 26, stressing that the Thai economy remains stable generally. The FPO deputy spokesman acknowledged that the expanding domestic consumption and investment in line with the rising employment, farm produce prices and income of households in the domestic farm sector and those of low income earners, boosted mainly by the government's welfare and support measures, together with the country's sound export and tourism prospect late this year appear to become key factors to drive ahead the national economy late this year. The FPO deputy spokesman cited the expanding sale volumes of sedans and commercial cars on the domestic market at 12.8 per cent year-on-year and 26.8 per cent year-on-year respectively on the domestic market and the value-added tax (VAT) for a fix price of products at 9.6 per cent year-on-year last month, the highest level in four months, as good examples showing the rising domestic consumption. The FPO deputy spokesman also cited expanding private investment projects, especially those for the purchase of new machines in the domestic auto sector, as well as Thai exports to such major markets as the United States, Japan and neighboring Cambodia, Lao PDR, Myanmar and Vietnam, known as the CLMV group, last month, particularly the country's highest shipments of goods in seven months to the United States, mostly were farm and industrial farm products, as other good examples. Besides, the rising number of foreign tourist arrivals in Thailand, at 31.8 million last month or a 4.5 per cent year-on-year growth, boosted mainly by the soaring number of Malaysian tourists at up to 44.6 per cent year-on-year, the highest level in 41 months, appears to be another major factor driving the national economic growth late this year, while the country's general inflation stood at 0.9 per cent last month, a slight drop from a month earlier in line with the declining world oil prices. The deputy spokesman announced that the FPO has, thus, maintained its forecast figure of Thailand's economic growth at 4.5 per cent year-on-year on average in 2018 despite a recent increase in the country's key interest rate resolved by the Bank of Thailand (BOT). The FPO deputy spokesman mentioned, meanwhile, that the Thai government's welfare programs to assist low income earners should be clearly seen as a major factor driving forward the national economic growth by the first quarter of 2019, while the future confidence index in the local economy over the next six months, reported this month, was found in good levels in all Thai regions, propelled mainly by the local farm and industrial farm sectors. (TNA)