TRIS Rating:Government spending will drive Thai economy

BANGKOK, October 13 (TNA) - Thai Rating and Information Services Co., Ltd. (TRIS) says that the government's spending on public investment projects should remain a major force to drive the Thai economy late this year and next year. TRIS President Watana Tiranuchit told journalists on Tuesday that the Thai economy should grow by 2.5 per cent in 2015 and 2.5-3 per cent in 2016 respectively despite an economic slowdown. Watana stressed that the Thai government’s spending on new mega infrastructure projects should be a major force in moving the national economy ahead, from now until the end of 2015. Watana foresaw that domestic tourism-related businesses should also help boost the national economy during the final quarter of 2015 until the first quarter of 2016. But Watana admitted, however, that Thai exports should contract by nearly 5 per cent in 2015 due to a continual slump of the immense Chinese economy. The TRIS president projected that Thai agricultural products prices should increase due to impacts from drought and floods in several countries, as well as economic problems in many rival economies. The TRIS president assessed that Thailand's housing and car hire purchase sectors should be hard hit by the economic slowdown in 2015 and 2016, while hospital and health sector should sustain growth due to the rising number of the elderly in Thailand. (TNA)