Private sector maintains Thai economy to grow 3-3.5% in 2016

BANGKOK , February 19 (TNA) - The private sector, through the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) has maintained its previous forecast that the Thai economy should grow by 3-3.5 per cent this year. Speaking to journalists on behalf of JSCCIB, Supant Mongkolsuthree, Chairman of the Federation of Thai Industries (FTI), stressed that JSCCIB has not revised its earlier projection of the national economic growth rate downwards, like some other agencies, as it has foreseen that the value of Thai exports should expand by 2 per cent year-on-year this year. Supant explained that pending economic problems have caused importing countries to cut their orders for Thai exports and Thailand, thus, needs to find new markets and introduces new products which meet market demand, but Thailand should be able to continually export its products, as the Kingdom situates close to growing economies like Cambodia, Laos, Myanmar and Vietnam. The FTI chief acknowledged, however, that it is not easy to find new markets and develop such new products, urging the government to try hard to also promote Thai exports so that the country would meet its export growth target of 5 per cent this year. Earlier this week, the Office of the National Economic and Social Development Board (NESDB) revised its forecast on Thailand's economic growth rate slightly downwards this year, from 3.5 per cent to 3.3 per cent year-on-year, citing impacts from a slowdown in the global economy. NESDB Secretary-General Prametee Vimolsiri noted that the revised forecast was based on Thailand's gross domestic product (GDP) growth of 2.8 per cent year-on-year on average last year. NESDB also predicted that the Thai baht should further depreciate to 35.2-36.5 baht a US dollar later this year, from 36-37 baht a US dollar now, while global crude oil prices should further drop to 32-42 US dollars per barrel from its earlier estimation of 50-60 US dollars per barrel and the US Federal Reserve (FED) should delay a change to its key interest rate, or its repurchase rate. (TNA)