Thailand's GDP, export growth up in 2018

BANGKOK, July 4 (TNA) - Thailand's Joint Standing Committee on Commerce, Industry and Banking (JSCCIB), comprising of three key private institutions, has revised upward its projection of the country's gross domestic product (GDP) and export growth, thanks mainly to the growing world economy despite remaining risk factors. Predee Daochai, Chairman of the Thai Bankers' Association (TBA), told journalists that JSCCIB, comprising of TBA, the Board of Trade of Thailand (BTT) and the Federation of Thai Industries (FTI), resolved at its latest meeting in Bangkok on July 3 to revise upward its forecast of the country's GDP and export growth in 2018 to 4.3-4.8 per cent year-on-year and 7.0-10.0 per cent year-on-year respectively, from its earlier projection of 4.0-4.5 per cent year-on-year and 5.0-8.0 per cent year-on-year. Predee said JSCCIB has attributed the upward revision of Thailand's GDP and export growth projection to the country's growing exports, boosted by the expanding world economy, as well as growing tourism, private investment and consumption stimulated by improving income of the grassroots. According to the TBA chairman, JSCCIB has also estimated that Thailand's general inflation this year should also increase to 0.9-1.5 per cent year-on-year, from its earlier projection of 0.7-1.2 per cent year-on-year. The TBA chairman revealed that Tuesday's JSCCIB meeting also agreed on remaining risk factors against the growing Thai economy, including impacts from unstable foreign exchange rates and world oil prices. Meanwhile, the Thai National Shippers' Council (TNSC) maintained its projection of the country's export growth this year to 8 per cent year-on-year, based on the assumption that the Thai currency stands at about 33 baht a US dollar. The TNSC cautioned, however, that the ongoing trade war between the United States and major trading partners, particularly China, remains a main risk factor against expanding Thai exports, suggesting that the government explore new markets for Thai exporters and speed up its negotiations on new frameworks of free trade areas (FTAs). (TNA)