Thailand's estimated economic growth in 2018 revised upward to 4.5%

BANGKOK, June 28 (TNA) - The Kasikorn Research Center (KResearch) has revised upward its projection of Thailand's economic growth in 2018 to 4.5 per cent year-on-year, from 4 per cent it earlier forecast, thanks mainly to the growing Thai exports. Nathaporn Triratsirikul, a research management executive of KResearch, told journalists on Thursday that the upward revision of KResearch's projection was largely backed by the expanding world trade, resulting in the growing Thai exports. Nathaporn stated that KResearch has, thus, raised its projection of Thailand's exports and gross domestic product (GDP) growth this year to 8.8 per cent and 4.5 per cent year-on-year respectively, after the country's exports averagely expanded by 11.6 per cent year-on-year during the first five months. Nathaporn said apart from the growing Thai exports, which have mostly focused on shipments of automobiles and electronic products, the domestic private investment and the domestic consumption had also expanded equally by 3.5 per cent year-on-year during the January-May 2018 period. Besides, the prices of major Thai farm products, including Hom Mali rice and natural rubber, are anticipated to be on the rise in the second half of this year, which should boost income and spending of consumers from the grassroots. According to the KResearch, the Bank of Thailand (BOT) is expected, meanwhile, to raise its key interest rate from the 1.5 per cent level currently by the end of this year to be in line with the increased US key interest rate recently announced by the Federal Reserve (FED), the US central bank, while the Thai baht is likely to more weaken than the earlier-targeted level of 32.50-33.50 baht a US dollar later this year. (TNA)