UTCC maintains growth forecast for Thai economy at over 4% in 2018

BANGKOK, May 2 (TNA) - Bangkok-based University of the Thai Chamber of Commerce (UTCC) has maintained its forecast of the national economic growth this year at over 4 per cent, as the consumer confidence index (CCI) has been on the rise. Thanawat Phonvichai, Director of the UTCC's Center of Economic and Business Forecasting, told journalists on Wednesday it is likely that the Thai economy should grow by 4.2-4.6 per cent this year, the first time in five years that the national economic expansion would exceed 4 per cent. Thanawat reasoned that Thailand's CCI has kept rising towards its full scale of the 100 level, while external risk factors have eased, namely the international political situation, and no serious impact on the Thai economy from the ongoing trade war between the United States and China. Besides, the low prices of Thai farm products currently are believed to keep rising in the coming months, coupled with increasing domestic consumption and investment, thanks to the government's latest daily minimum wage hike that has become effective since April 1, 2018 and new mega-infrastructure development projects. The senior economist also pointed out that Thailand's CCI reached its peak in 40 months in April 2018, standing at the 80.9 level and representing its second consecutive month-increase, cushioned by the growing domestic consumption and tourism, as well as Thai exports. The senior economist stated that Thailand CCI over the next six months should stand at the 91.9 level, its peak in 61 months, and should then keep approaching its full scale of the 100 level. (TNA)