Eastern Economic Corridor policy driving Thai economic growth this year

Eastern Economic Corridor policy driving Thai economic growth this year

BANGKOK, 20 November 2017 (NNT) - The University of the Thai Chamber of Commerce (UTCC) has predicted that the Thai economy will expand by 3.9% this year largely due to the government’s Eastern Economic Corridor policy. 

The Center for Economic and Business Forecasting of the UTCC has announced the findings of a survey of opinions on the business and economic outlook in the five regions of Thailand.

According to the survey, the GDP of the Eastern region will grow by 5% and 5.6% in 2017 and 2018 respectively. The 2017 GDP of Bangkok, its vicinity, the Central Plains and the South is expected to expand by more than 3%.

The GDP of the Northeast and the North however is likely to expand by only 2.4% and 1.9% respectively as entrepreneurs and the business sector believe that people’s purchasing power has not yet significantly recovered and agricultural product prices have not yet increased. 

As for 2018, the Center expects that the Thai economy will grow by 4.2% due to export growth, continuous public investment, and the expanding tourism sector as well as the tendency of agricultural product prices to increase. However, the Center suggested the country continue monitoring risk factors such as currency volatility and household debt which obliges people to be careful with their spending.

 

-- nnt 2017-11-20