ADB projects strong growth in Thailand and across Asia

ADB projects strong growth in Thailand and across Asia

BANGKOK, 27 September 2016 (NNT) – Asia Development Bank (ADB) has forecast the Asian economy will expand 5.7 percent this year while adjusting its outlook for Thailand to an increase of 3.2 after seeing 3.4 percent in expansion during the first half. 

Senior Economist at ADB Laksamon Attapich has detailed the bank’s latest Asia economic trend report for 2016, which has predicted 5.7 percent in growth for the entire continent continuing into next year. The reported reasoned that positive prospects for China due to increased consumption and career support by the government would see it reach 6.6 percent in growth. Similarly, India is projected to grow by 7.4 by the end of 2016. 

In Thailand, ADB has hiked its end of year growth forecast to 3.2 percent from an initial 3.0 after the country was able to achieve 3.4 percent in growth during the first half of the year on improved government spending and consumption. Continuing expansion in the tourism sector has also spurred confidence in the Kingdom’s economy. 

For next year, ADB believes that if the country is able to hold general elections, private investment will jump. Nonetheless, the bank has maintained its growth projection for 2017 at 3.5 percent for now. 

 

-- nnt 2016-09-27