Thailand’s economy projected to grow 4.2 percent this year
The Fiscal Policy Office (FPO) of the Thai Ministry of Finance forecast the country’s economic growth rate in 2018 at 4.2 percent and revised the growth last year up to 4 percent from the previous 3.8 percent.
Chaloem Mahanakhon Expressway in Bangkok, Thailand (Photo: VNA)
Bangkok (VNA) – The FiscalPolicy Office (FPO) of the Thai Ministry of Finance forecast the country’seconomic growth rate in 2018 at 4.2 percent and revised the growth last year upto 4 percent from the previous 3.8 percent.
According to a recent FPO report, publicinvestment will rise by 11.8 percent in 2018, compared to the 1.1-percentdecline last year, mainly thanks to infrastructure projects.
Private investment is expected to increase by 3.8percent compared to the 2.1 percent hike in 2017. Meanwhile, privateconsumption is set to grow 3.5 percent thanks to a higher minimum wage.
The Thai government recently rolled out severalmeasures to mitigate the minimum wage increase’s influence on small- andmedium-sized enterprises (SMEs).
Accordingly, SMEs with annual revenue of lessthan 100 million THB and no more than 200 employees can deduct 1.5 times of theamount of the wages paid to their employees from their taxable revenues.
A 5 billion THB fund will also be created toorganise seminars and training courses for about 50,000 SMEs. The governmentwill also exempt 50 percent of corporate income tax for three years forbusinesses to buy machinery, internet or digital systems for businessmanagement.-VNA
Thai Ministry of Finance will propose to the Cabinet an increase to tax deductible expenses, as a way of helping businesses shoulder the minimum wage hike which is set to take effect in April.
Thailand's Manufacturing Production Index in 2017 showed 1.58 percent growth from a previous year with rubber products, automobiles, automobile engines, vegetable oil, and petroleum being major performers.
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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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Chaloem Mahanakhon Expressway in Bangkok, Thailand (Photo: VNA) 
