Govt: Thailand’s Tier 2 status will bolster trade, exports

 

 

BANGKOK, 9th July 2018 (NNT) – The government believes the upgrade of Thailand to Tier 2 in the latest US Trafficking in Persons (TIP) report, will buoy the country’s gross domestic product (GDP) and exports. 

Kobsak Pootrakool, the minister attached to the Prime Minister’s Office, said the overall Thai economy is likely to grow at the rate of 4.0-4.5 per cent, attributing the expected expansion to the thriving export sector, tourism, the increase in agricultural prices, private investment, and government spending.

 

In particular, he said economic expansion is the outgrowth of the establishment of the Eastern Economic Corridor (EEC), an economic development region comprising three provinces – Chon Buri, Chachoengsao, and Rayong. 

In regard to this year’s TIP report which saw Thailand moving up from Tier 2 on the Watch List to Tier 2, Kobsak said the improvement will bolster Thai and foreign investors’ confidence, boosting the sale of Thai goods overseas. As a result, he expects this year’s exports to grow at the rate of 10 per cent as forecast by many economists.

 

-- nnt 2018-07-09

4 hours ago, webfact said:

In particular, he said economic expansion is the outgrowth of the establishment of the Eastern Economic Corridor (EEC)

That should read "future economic expansion"

Simply establishing the EEC by its legal creation (albeit invoking Article 44) and finding foreign investors (principally Japan and China) for its development doesn't create an instant baht of revenue. In fact the Japanese have warned Thailand cannot provide the 30,000+ skilled workers needed for Japan's needs in the EEC. No doubt China will follow with the same complaint.

In addition no infrastructure (ie., roads, transportation, lodging, local government support, industrial & personal services) has yet been developed.