UTCC:Thai economy should now grow 4.6-5% in 2018

BANGKOK, September 4 (TNA) - Bangkok-based University of the Thai Chamber of Commerce (UTCC) says that the Thai economy should now grow by 4.6-5 per cent year-on-year on average in 2018, spurred mainly by the country's exports and tourism, as well as the rising domestic consumption in the fourth quarter of this year. Thanawat Phonvichai, Director of the UTCC's Center for Economic and Business Forecasting, told journalists of his center's new projection on Tuesday, noting that the updated forecast figures of the national economic growth rate this year were higher than the previous forecast at about 4.5 per cent year-on-year on average. Thanawat explained that Thailand's economic recovery has continued in the second half of this year with its distribution to more beneficiary areas in the country. Thanawat pointed out that his center's latest survey on consumers' confidence for their future income, conducted last month, found the confidence rose to the 100 level for the second consecutive month and hit the highest level in 64 months. Besides, the consumer confidence in the domestic political situation among the surveyed respondents was found to increase to the 100 level for the first time, which should result in more domestic consumption during the last quarter of this year. Based on the latest survey, the center's director revealed that the consumer confidence index (CCI) last month alone rose to the 83.2 level, its highest level in 64 months, from the 82.2 level a month earlier, boosted mainly by the growing Thai exports and tourism, as well as the rising prices and income of local farm products and farmers. (TNA)