BoT projects Thailand’s growth at 3.5% in 2016

BANGKOK, Jan 30 (TNA) -- The Bank of Thailand (BoT) has initially projected that Thailand’s economic growth in 2016 would be 3.5 per cent due to global economy which has not fully recovered, said Roong Mallikamas, senior director of BoT’s Macroeconomic and Monetary Policy Department. Ms Roong said precise figures on growth would be announced by BoT in late February. Exports in 2015 suffered contraction 5.6 per cent on the sharp decline in goods prices in line with the fall of world oil prices and an economic slowdown in China and some members of the Association of Southeast Asian Nations, said Ms Roong. Imports last year also declined 11.3 per cent due to the sharp dropped in crude oil prices and the slowdown in the production sector, she said. Thailand enjoyed trade surplus last year at about 34.59 billion US dollars while current account soared at a record level of 34.84 billion US dollars in surplus of which approximately 10 billion US dollars in surplus was seen on the back of the sharp decline in oil prices, Ms Roong explained. In last December alone, public investment grew 44.1 per cent year-on-year mainly on the government speeded on investment on basic transportation infrastructure and irrigation projects plus its economic stimulus measures, she said. Private consumption last December continued to show positive signs while it is projected it could slowdown in early 2016 after people spent money before the New Year festival on buying goods and services not more than 15,000 baht and could deduct the money from their personal income tax while many bought new cars before an increase of car excise tax goes into effect this January 1, Ms Roong added. (TNA)