Adjustments are being made by the private and public sectors to estimates of Thailand’s gross domestic product (GDP) growth for the year as experts are predicting that Thailand will enjoy greater than 4 percent growth as a result of strong export and tourism industries.
Speaking the director of the University of the Thai chamber of Commerce Centre for Economic and Business Forecasting Dr Thanawat Polvichai said that GDP growth this year could surpass 4 percent something that has not been achieved in the last six years.
Dr Polvichai is predicting the economy to grow by 4.6 percent in 2018, attributing the rise to strengthening ties with the United States and an upward trend in US interest rates as well as growth in the Thai exports sector and strong tourism industry.
Previously he estimated the GDP to increase by 4.2 percent but today stated that he believes that it will grow further.
He also expects exports to increase by a further 6 percent in 2018.
His office expects that the baht will average out at around 31 baht per US dollar and tourism numbers to total 38.6 million before the end of the year.
He noted that he has also increased his estimate as a result of Thailand’s growing government stability with a general election promised to be held soon by Thailand’s Prime Minister.
Source: Thai PBS
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