Deputy PM Somkid: Thai economy will grow by 2.8% - 3% in 2016

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Deputy PM Somkid: Thai economy will grow by 2.8% - 3% in 2016

BANGKOK, 7 January 2016 (NNT) - Deputy Prime Minister Somkid Chatusripitak has expressed his satisfaction with last year’s economic growth and predicted that the Thai economy will expand by 2.8% - 3% compared to 2014 when the growth rate was just 0.9%.

Mr.Somkid on Wednesday said this year’s economy would be better that last year despite negative outlooks from many sectors. The government would do the utmost in steering the economy by pushing for a 5% export growth and continuous increase in the tourism sector, he said. He added that the government would focus on helping low-income people and suggested that the private sector expedite investment.

The government will also continue the Village Fund program and develop broadband Internet so that it reaches the public more.

Meanwhile, Minister of Tourism and Sports Kobkarn Watthanawarangkul said she would discuss with Deputy PM Somkid to find a special budget for the development of new tourist sites in an effort to attract more tourists to travel Thailand.

President of the Federation of Thai Industries Suphan Mongkholsuthi said he believed this year’s economic growth would increase by 3% - 3.5% and suggested that the government expedite investment in infrastructure for the agricultural sector and increase values of agricultural products.


-- NNT 2016-01-07

[NongKhaiKid]

What a surprise, barely the end of the first week of the new year and everything in the garden just keeps getting rosier.

[Thailand]

From the billions of tourists and soaring exports no doubt.

[chainarong]

Nothing like a good dose of optimism from the deputy PM , if the Thai economy grows by 2.5% they will be doing a very good job...........................................

[BSJ]

I wonder if I can borrow his crystal ball, I want next Saturdays Lotto numbers!

[torpedo1970]

yeah right....

Dream on Somkid!

[onni4me]

The Thai economy grew by 1.0 percent on a quarter-on-quarter seasonally adjusted basis in the September quarter of 2015, accelerating from a downwardly revised 0.3 percent expansion in the previous quarter and beating market consensus. It is the fastest growth since the fourth quarter of 2014, as a rebound in exports offset a decline in government expenditure and investment and a slowdown in private consumption. GDP Growth Rate in Thailand averaged 0.94 percent from 1993 until 2015, reaching an all time high of 9.60 percent in the first quarter of 2012 and a record low of -6.30 percent in the fourth quarter of 2011. GDP Growth Rate in Thailand is reported by the Nesdb, Thailand.

http://www.tradingeconomics.com/thailand/gdp-growth

[Nbarch]

Good News for 2016!

The Government is Happy, 99% of the Thai people are Happy, I am Happy.

I am just going to tell the fairies that live at the bottom of the garden and they will be happy too!

[Srikcir]

Somkid is right to be conservative with the GDP growth rate for 2016 not exceeeding 3%, but a 5% increase in exports is not supportable, especially with the collapse (again) of the chinese yuan. More reasonable projections (The Nation 2016-01-04):

Thai National Shippers' Council foresees exports growing 2%

Bank of Thailand expects export growth to be flat

Bam!

Kobkarn wants a special budget for the development of new tourist sites. The FY 2016 budget was passed in 2015. Anything more comes out of existing budgets, so what will Somkid reduce (with Prayut's permission of course)? Otherwise, funds will come from more government borrowing - something the current government seems very adapt at doing.

[Nobb]

And how much did they say it would grow in 2015. There grow projection never came close. I do not see what might make them think so optimistic for 2016!

[15Peter20]

The World Bank seems to think Thailand will experience a max of 2% growth - still, what do they know, huh Somkid?

[MickRobbo]

Good News for 2016!

The Government is Happy, 99% of the Thai people are Happy, I am Happy.

I am just going to tell the fairies that live at the bottom of the garden and they will be happy too!

As long as the fairies don't talk about the junta or the monarchy, there will be no need for a little attitude adjustment (maybe even a disappearing act) to take place for the red and yellow fairy's. Take an open vote, detailed results of all 100% of the fairy population. Could be indicative of Thailand's dictatorship issues?

[deckape]

My friend runs a casting business in Korat. These are very large castings involved in the manufacture of large machines. He says that orders are down significantly, which is not a good indication of economic growth.