FPO:Thai economy is expanding

BANGKOK, January 29 (TNA) - The Thai economy has continued rebounding, with the country's gross domestic product (GDP) projected to expand by 3.7 per cent year-on-year this year, boosted by the government's spending and economic stimulus measures, as well as domestic consumption. Krisada Chinavicharana, Director-General of the Fiscal Policy Office (FPO), under the Thai Ministry of Finance, announced the official forecast on January 28, attributing the country's anticipated economic growth in 2016 to the government's planned spending of 35 billion baht through the 79,556 funds of villages and urban communities and 60 billion baht on new infrastructure investment projects. Krisada pointed out that the Thai government's spending, economic stimulus measures and financial assistance for local farmers, as well as the growing domestic tourism, which attracted 29.9 million international visitors, a 10 per cent year-on-year growth, cushioned the national economy to grow by 2.8 per cent last year, up by 0.9 per cent from 2014. Besides, Thailand's inflation shrank by 0.9 per cent last year due to lower oil and commodity prices, while Thai exports contracted 5.6 per cent in 2015 due to global economic slowdown. According to the FPO chief, Thai exports should edge up by 0.1 per cent this year amid fluctuating world oil prices and global economic problems. (TNA)