WB raises projection of Thailand's economic growth in 2017

BANGKOK, August 25 (TNA) - The World Bank has raised its forecast figure of Thailand's economic growth this year to 3.5 per cent on average year-on-year, from its earlier projection of 3.2 per cent year-on-year. Kiatipong Ariyapruchya, a senior country economist of the World Bank for Thailand, told journalists of the update on Friday, saying that the World Bank has also forecast the Thai economic growth rate at 3.8 per cent year-on-year in 2018. Kiatipong noted that Thailand's expanding economy has been cushioned by rising income and purchasing power of local farmers in the wake of the latest drought, as well as the growing domestic tourism and Thai exports and the government's continual economic stimulus measures. According to the senior economist, the positive factors have helped boost the Thai economy, with the country's gross domestic product (GDP) expanding by 3.7 per cent year-on-year in the second quarter of this year, higher than the World Bank earlier projection, propelled mainly by the growing domestic tourism as it now accounts for up to about 10 per cent of the country's total GDP. The senior economist cautioned, however, that risk factors remain for Thailand's ongoing economic recovery, including uncertain domestic politics, impacts from a slowdown in the immense Chinese economy and the trade protectionist policy by trading partners that could affect Thai exports and private domestic investment. (TNA)