NESDB to revise GDP

BANGOK, July 15 (TNA) -- The National Economic and Social Development Board (NESDB) will next month revise Thailand’s gross domestic product (GDP) for 2017 because of several positive factors, said NESDB secretary-general Poramatee Vimolsiri. Improvements in the country’s exports along with the end of drought, higher prices of agricultural products, an increase in domestic consumption of 3 per cent which is considered quite high and an increase in industrial production are prompting the agency to revise the GDP, said Mr Poramatee. The public sector has also moved to invest in basic infrastructure projects, he said, adding that only investment by the private sector contracted by one per cent during the first quarter this year which was considered negative. It is hoped that private investment would improve during the second half this year, said Mr Poramatee. By taking these positive factors into consideration, the GDP is expected to rise above 3.3-3.8 per cent projected by NESDB earlier, he said, adding that his agency will revise Thailand’s GDP again in August. Thailand’s exports for 2017 could expand to 5 per cent, above 3.6 per cent projected earlier, he said. On the problem of household debt which is earlier projected to increase to 80 per cent of GDP, he said it has declined considerably and should not be worrisome. Mr Poramatee also said the plan by the Bank of Thailand to issue a new stricter regulation for credit card would neither impact the country’s economy nor forcing people to borrow money from outside financial institution. More people have switched to borrow money from legal financial institutions in recent years, he added. (TNA)