Thai economy likely to grow at least 4% in 2nd q 2018

BANGKOK, May 30 (TNA) - The Ministry of Finance has projected that Thailand's gross domestic product (GDP) should grow by at least 4 per cent year-on-year in the second quarter of this year, thanks to positive factors, namely expanding exports and domestic tourism. Varothai Kosolpisitkul, an advisor to the ministry's Fiscal Policy Office (FPO), voiced the projection on Wednesday, pointing out that Thai exports have been growing well, expected to exceed 10 per cent year-on-year on average this year, along with expanding domestic tourism, consumption and investment. Varothai said that, for instance, Thai exports last month alone expanded by 12.3 per cent year-on-year, their continuing expansion for the 14 consecutive months, while the number of international tourist arrivals in the Kingdom in the same month reached about 3.09 million, a 9.4 per cent year-on-year increase, and the country's financial status remains stable, as the ratio of public debt to GDP has stood at 41.2 per cent, a sustainable financial position. The senior official stated, meanwhile, that Moody's Investors Service (Moody's), a globally-renowned credit rating agency, has expressed its satisfaction with Thailand's financial and fiscal status, as well as a reform in national basic infrastructure system, reflecting the government's efficient economic policies even though the administration did not come from a general election. The senior official expressed his hope that Thailand's new credit rating, to be announced by Moody's in the near future, should improve from a stable outlook status, or the BBB+ level currently. (TNA)