GSB forecasts Thai economy to grow 3.5% in 2017

GSB forecasts Thai economy to grow 3.5% in 2017 BANGKOK, April 22 (TNA) -- The state-run Government Savings Bank (GSB) is optimistic that Thailand’s economy would sustain growth by 3.5 per cent this year. GSB President and CEO Chatchai Payuhanaveechai said his bank has forecast that the country’s economy would sustain growth at 3.5 per cent in 2017 on several positive factors including loosening financial measures adopted by the government, rising number of foreign tourists visiting Thailand and continued investment by the government on basic infrastructure projects. Other positive factors are an increase in prices of consumer products in line with rise in oil prices and a recovery in Thailand’s export, said Mr Chatchai. However, risk factors which continue to haunt Thailand’s economy this year, according to Mr Chatchai, are high household debt which might impact purchasing power, US President Donald Trump’s financial and trade policies against trading partners, signs of a rising Fed rate in future plus several other negative factors. On Thailand’s economy, he said GSB has forecast that it would grow 3.1 per cent in Q1 this year on continued rising domestic consumption, state investment and foreign tourism growth. (TNA)