The Fiscal Policy Office reports that last year’s economic growth could hit the 4.1% mark, expecting the Thai GDP to expand at a rate of 4% this year.

The FPO earlier predicted the economy would expand 4.5% last year, but export contraction in the final two months, in part because of the trade war, tempered growth.

Estimating last year’s economic figures ahead of an official announcement, Director of the Fiscal Policy Office (FPO), Lawaron Sangsanit, said that Thailand’s 2018 GDP growth would be around 4.1%.

The growth is to be driven by domestic consumption, private expenditure, and government’s economic stimuli such as the social welfare card scheme and infrastructure investment, both of which helped trigger spending among private companies.

In December, the Bank of Thailand trimmed economic growth forecasts for 2018 to 4.2% from 4.4% predicted earlier, and for 2019 to 4% from 4.2%.

The FPO director projected this year’s GDP to rise 4%, citing public spending, public-private partnership projects, the development of basic infrastructure, and the general election as the main reasons.

Despite the optimism, there remain some risk factors such as the global economic slowdown, the trade dispute between China and the US, currency fluctuations, and the global stock market

About the author

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sign Up for Our Newsletter

Get notified of our weekly selection of news

You May Also Like

Indonesia’s role in ASEAN’s energy transition

This ESG Intelligence report details the country’s growing role in the global ESG ecosystem, with a focus on topics such as national progress towards renewable energy goals

Thailand Cuts 2022 GDP Outlook to 3.5% Over Russia-Ukraine War

The tourism-dependent country is on track to receive 6.1 million foreign visitors this year, but below the 7 million projected earlier due partly to the impact of China’s travel restrictions and the Ukraine conflict on Russian tourist numbers.