Thai PM:New special economic zones will boost national economy

BANGKOK, February 16 (TNA) - Prime Minister General Prayut Chan-ocha says that Thailand's new special border economic zones should stimulate national economic growth this year, predicting that the Thai economy should, therefore, expand by 3-4 per cent year-on-year on average in 2015. Prime Minister General Prayut, who is also Chief of the army-led National Council for Peace and Order (NCPO), told journalists on Monday that he believed after the new special border economic zones are opened, Thailand's border trade would expand, boosting the overall Thai economy. The prime minister, thus, projected that Thailand's gross domestic product (GDP) should grow by 3-4 per cent this year, thanks to expanding Thai export and property sectors with more jobs to be created. The prime minister noted, however, that Thailand's GDP grew by only 0.7 per cent year-on-year on average last year due to a slowdown in overseas economies, resulting in a drop in Thai exports and farm produce prices, but increased labour costs. Meanwhile, the Office of the National Economic and Social Development Board (NESDB) predicted that the Thai economy should grow by 3.5-4.5 per cent year-on-year on average this year, as Thai exports have been slowly expanding in line with the global economy, private investment and tourism, while the government is quickly disbursing budgets for important state projects and global oil prices have dropped. NESDB reported, however, that Thailand's GDP expanded by only 0.7 per cent year-on-year on average last year although the country's GDP grew by 2.3 per cent year-on-year in the fourth quarter of 2014 alone. (TNA)