JSCCIB will revise its GDP forecast upwards

BANGKOK, Sept 29 (TNA) -- The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) will revise upwards its forecast on the Thai economic growth rate this year due to export growth. Predee Daochai, chairman of the Thai Bankers Association, said the joint committee would have a meeting next week and revise the gross domestic product projection for 2017 upward from 3.5% as most economic figures showed recovery. However, he said that the agricultural sector would take some times before making its noticeable improvement as the prices of farm products had not risen. Kobsit Silpachai, economic research executive at Kasikorn Bank, said the Bank of Thailand predicted the 2017 GDP growth rate at 3.8% and the private sector expected the figure to be close to 4% next year due to expansion of export and tourism. However, he said that the Thai economy depended much on external factors and thus carried risks in case that global situations were unstable. Mr Kobsit also warned of possible problems from high household debts in the country and proposed that long-term solutions include tax restructuring to relieve people’s financial burdens and increase their purchasing power. He also urged the government to solve labor shortages to ensure the smooth development of its Eastern Economic Corridor. (TNA)