ADB revises upward Thailand's forecast economic growth in 2016

BANGKOK, September 28 (TNA) - The Manila-based Asian Development Bank (ADB) has revised upward its prediction of Thailand's economic growth to stand at 3.2 per cent year-on-year in 2016, from 3.0 per cent year-on-year in its earlier forecast. ADB Senior Economist for Thailand, Luxmon Attapich, told journalists of the update in Bangkok on September 27, noting that the upward revision of her bank's projection of Thailand's gross domestic product (GDP) growth this year was supported by a clear sign of the Thai economic recovery. Luxmon explained that Thailand's GDP in the first half of this year expaned by 3.4 per cent year-on-year, backed by growing domestic investment and consumption by both the public and the private sectors. Luxmon pointed out that investment in the Thai public sector grew by 11.8 per cent year-on-year in the first half of this year, a major drive for the national economic expansion, and its consumption rose by 5 per cent year-on-year, its highest record since 2012. Besides, investment in the Thai private sector increased by 1.1 per cent year-on-year, cushioned by the government's stimulus measures in the domestic property sector, and its consumption expanded by 3.1 per cent year-on-year, its highest level in three years. According to the ADB senior economist, the Thai government's stimulus measures in the domestic tourism sector have also helped boost local farmers' income and consumption although the employment rate in the country dropped by 0.9 per cent year-on-year in the second quarter of this year. (TNA)