ID :
502042
Mon, 08/20/2018 - 15:28
Auther :

NESDB:Thai economy, exports should grow by 4.5%, 10% in 2018

BANGKOK, August 20 (TNA) - The Office of the National Economic and Social Development Board (NESDB) has maintained its projection of Thailand's gross domestic product (GDP) at 4.5 per cent year-on-year in 2018 and raised its forecast figure of the country's export growth this year to 10 per cent year-on-year. NESDB Secretary General Thosaporn Sirisumphand told journalists of the decisions on Monday, saying that the new forecast figures were mainly supported by the expanding world economy, which would also boost Thai exports and the production of major Thai sectors, as well as the government's rising spending on public investment projects and the rebounding private investment. Thosaporn pointed out that Thailand's GDP grew by 4.6 per cent year-on-year and 4.8 per cent year-on-year during the second quarter and the first half of this year, cushioned by increasing produce of major agricultural crops despite a slowdown in non-agricultural sectors. Thosaporn stated that NESDB has, on the other hand, adjusted upwards its projection of Thailand's export growth in 2018 on average to about 10 per cent year-on-year, from its earlier forecast of about 8.9 per cent year-on-year, thanks to the recovering economies of the country's trading partners. The NESDB chief attributed his office's adjustment upwards of Thailand's export growth this year to the country's expanding shipments of products to the world market by 12.3 per cent year-on-year and 11.1 per cent year-on-year during the second quarter and the first half of this year, worth about 63.01 billion US dollars and 124.80 billion US dollars respectively. The NESDB chief also forecast that Thailand's private consumption this year should grow by 4.1 per cent year-on-year, buoyed by increasing farm produce prices, employment and income of local households, while the country's overall investment should expand by 4.4 per cent year-on-year and inflation should stand at about 0.9-1.4 per cent. The NESDB chief acknowledged as well that Thailand's current account surplus should increase by about 8.4 per cent year-on-year, while the number of international tourist arrivals in the country should reach about 38.8 million, an increase of about 10.3 per cent year-on-year, earning the Thai Kingdom about 2.15 trillion baht. The NESDB chief, however, cautioned that there are remaining risk factors against Thailand's growing GDP and export growth in 2018, including impacts from current floods in several Thai areas and rising global interest rates, as well as escalating trade war between world major economic powers and vulnerable global financial markets. Meanwhile, Anusorn Tamajai, Dean of the Faculty of Economics, Rangsit University, also warned that impacts from current inundations in several Thai areas, trade war between the United States and China and the ongoing economic crisis in Turkey may lower the national economic growth rate in the third quarter of this year from an earlier targeted figure of 4 per cent year-on-year. According to the dean, the widespread floods in several northern and northeastern Thai areas, as well as some areas in the Thai South currently affect the local farm and tourism sectors and local people's purchasing power consequently, while the escalating trade war between world major economic powers affect the global supply chains and Thai exports and the anticipatedly long-term economic crisis in Turkey affects the global financial and capital markets for a certain period of time, as well as rising capital outflows from emerging markets. (TNA)

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