Thailand: Fiscal Policy Office expects 4 percent GDP growth for 2017
The Fiscal Policy Office under the Ministry of Finance has revealed that Thailand's economy may expand by up to 4 percent this year, due to continuous economic recovery.
Bangkok (NNT/VNA) - The Fiscal Policy Office under the Ministry of Finance has revealed that Thailand's economy may expand by up to 4 percent this year, due to continuous economic recovery.
Factors contributing to the positive outlook include a 3.8 percent increase in national GDP over the first three quarters of 2017, an increase in private sector spending, the acceleration of government investment programs, and strong performances in the export and tourism sectors. The number of tourist arrivals last month registered the highest growth rate in 26 months.
Deputy Prime Minister Somkid Jatusripitak said that in fiscal year 2018, the government plans on moving forward with multiple large-scale projects, including 13 dual-track railway contracts.
To stimulate the grassroots economies, Dr. Somkid said the Cabinet will push for clear economic policies, while the Ministries of Finance and Interior have been tasked with ensuring that local budgets support government policies.-VNA
Businesses and experts are hopeful about a revival in Thai economy after the year-long mourning period for late King Bhumibol Adulyadej ends on October 29.
The Bank of Thailand (BoT) has decided to maintain the benchmark interest rate on hold at 1.5 percent and continue an accommodative monetary policy for the country’s economic recovery.
The Federation of Thai Capital Market Organisations (FETCO) has announced that the Investor Confidence Index (ICI) for January 2018 has increased as the Thai economy is starting recover.
The Thai Government has affirmed that the country will persistently stick to its current economic policy, adding that the government operation next year will focus on socio-economic reform.
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
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A Toyota factory in Thailand (Phoot: AFP) 
