Thailand's economic fundamentals remain strong

BANGKOK, October 2 (TNA) - The Thai private sector has expressed its confidence that the national economic fundamentals remain strong and will be able to withstand any negative impact from the global economy. Kalin Sarasin, Chairman of the Board of Trade of Thailand (BTT), told journalists on Tuesday that the latest meeting of the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB), held in Bangkok earlier in the day, agreed on the strong fundamentals of the national economy amid the ongoing trade war between the United States and China and the, probably, unstable world economy consequently. Kalin revealed that the latest meeting of JSCCIB, which comprises of the Board of Trade of Thailand, the Federation of Thai Industries (FTI) and the Thai Bankers' Association (TBA), estimated a 0.6-0.8 per cent drop in the country's gross domestic product (GDP) from a slowdown of Thai exports caused by the ongoing trade war between the immense Chinese and the US economies. Kalin said JSCCIB also cautioned on a rising trend of retail oil prices on the domestic market due to the tension between the United States and Iran on a nuclear dispute amid the declining official Energy Fund to be used for any subsidy of domestic fuel prices, from 40 billion baht to 20 billion baht currently. However, Kalin stated that Tuesday's meeting of JSCCIB resolved to adjust upwards its projection of Thailand's export growth in 2018 to 8-10 per cent year-on-year on average, from its earlier forecast of 7-10 per cent year-on-year on average, citing rising purchase orders for Thai gift products as the New Year Festival is approaching as a main reason. Besides, the latest JSCCIB meeting adjusted upwards its forecast of Thailand's GDP growth this year to 4.4-4.8 per cent year-on-year consequently, from its earlier projection of 4.3-4.8 per cent year-on-year although a slowdown on the domestic tourism and Thai exports is anticipated during the second half of this year, when compared with the situation in the first half of the year. (TNA)