FTI foresees bright economic outlook, expects 3.5-4% GDP growth this year

BANGKOK, July 17 (TNA) -- The Federation of Thai Industries (FTI) projects that the Thai economy will grow well in the second half of this year and its expansion rate should be 3.5-4% for 2017. The federation also encourages operators to apply innovations to cushion impacts on migrant workers. FTI chairman Chen Namchaisiri said that the Thai economy would be stimulated in the second half of the year by the government’s spending and economic stimulus measures which should encourage the private sector to invest accordingly. He also predicted that tourism would be growing and the Thai export would rise 3.5-4% this year. Given the factors, he said the Thai economic growth should be 3.5-4% throughout 2017. For risk factors, Mr Chen referred to the fluctuating values of currencies. He said that the Bank of Thailand should handle the situation well and operators should manage their foreign exchange risks. Mr Chen admitted that the new executive decree on foreign workers had impacts on the economy, especially on tourism, service and construction sectors. Operators should increasingly apply technologies and innovations to reduce their dependence on human resources and improve workers’ skills quickly and efficiently, said the FTI chairman. (TNA)