Thailand: Growth view up to 4.2-4.7%

  • Following a robust first-quarter performance, the National Economic and Social Development Board (NESDB) on 21 May 18 raised its economic growth forecast to 4.2-4.7% for 2018 from 3.6-4.6% in Feb 18.
  • Wichayayuth Boonchit, deputy secretary-general, said the growth will be largely supported by an improvement in global economic growth and rising international commodity prices, driving exports of goods and services, favourable expansion of government consumption and acceleration of public investment; a clearer private investment recovery, and an improvement in household income.
  • Almost all sectors performed well in 1Q18, be it household consumption, exports, tourism or public and private investment, he said.
  • The NESDB also increased its export growth forecast to 8.9% in 2018 from an earlier estimate of 6.8%.
  • The board further raised its forecast for private investment growth to 3.9% from 3.7%, with private consumption growing to 3.7% from 3.2%.
  • But the NESDB cut its projection for government consumption to only 3% growth from 3.2%, and public investment to 8.6% growth, down from 10%.
  • Mr Wichayayuth said enforcement of the EEC law will boost private investment, while industrial capacity in 1Q18 stood at 72%.

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