Economy to grow faster than expected

BANGKOK, Sept 13 (TNA) -- The University of the Thai Chamber of Commerce is confident of a bright economic prospect and predicts the economy will grow by 4.6% this year, instead of its earlier anticipated rate of 4.5%. Thanavath Phonvichai, director of the UTCC's Center for Economic and Business Forecasting, said the university revised its projection as exports and tourism had been growing since early this year, the prices of many farm products started to rise, private investment was significantly recovering and the government might increase its spending and investment in the second half of this year. The UTCC expected this year's export growth rate at 8.7% and inflation at 1.2%. Mr Thanavath warned that risk factors in the rest period of this year consisted of trade disputes between China and the United States, a higher interest tendency, possible currency crises in emerging markets and flooding. The UTCC predicted the economy would grow 4.5% next year, 4.8% in 2020, 4.6% in 2021, and 5% in 2022. About 30-40 billion baht would be circulated in the lead-up to the next general election, Mr Thanavath said. (TNA)