BoT sees economic growth exceeding 4% in Q3

BANGKOK, Nov 1 (TNA) -- Thai exports increased by more than 8% and drove the Thai economy to grow by more than 4% in the third quarter of this year, according to the Bank of Thailand (BoT). Don Nakornthab, BoT’s senior director for economic and policy department, said the economy grew faster in the third quarter compared with its 3.7% pace in the second quarter and could exceed 4%. If the economy expands by 4.1% in the second half of the year, its growth rate can reach 3.8% throughout the year, he said. He said the growth results from exports that rose 9.1% in the first nine months of the year. The rate sets its all-time high of 13.4% in September. He expects the export growth to exceed the 8% target this year and does not think the government will need special economic stimulation in the latter part of 2017. “Shopping incentives stimulated the rich’s purchase of durable goods, the sales of which are already growing well. Now stimulation should go to low-income earners who will buy non-durable goods like clothing and consumer products,” Mr Don said. Inflation would not be within BoT’s expected range of 1-4% in the rest period of this year because the economy had not fully recovered, he said. (END)