UTCC:Thai economy is boosted by declining corruption

BANGKOK, August 13 (TNA) - Bangkok-based University of the Thai Chamber of Commerce’s Centre for Economic and Business Forecasting has predicted that the Thai economy should grow by 4 per cent in 2016, boosted by a drop in corruption. The centre's director, Thanawat Polvichai, told journalists on Thursday a latest survey was conducted in June 2015, showing that money injected into the Thai economy has soared by about 200 billion baht, as the "under table money" or "tea money" private business operators offered to local civil servants in an attempt to clinch their business projects has latest stood at 15, down sharply from at 30 two years ago. Thanawat assessed that the positive change should, thus, boost the Thai economy to expand by 4 per cent next year. Thanawat said the latest survey also found that business operators agreed the corruption situation in Thailand has improved with the aggregate score of 55 lately, on a scale from 0 (perceived to be highly corrupt) to 100 (perceived to be very clean). According to the director, Thailand’s corruption perception index has improved with its ranking now up to the 55th place, considered the best in six years. The director projected, however, that the Thai economy should grow by 2.5–2.9 per cent on average this year. (TNA)