Expanding world trade, economic stimulus to propel Thai industries in 2018

ฺBANGKOK, December 21 (TNA) - Industrialists have viewed that the expanding world trade in line with the economic recovery of Thailand's key trading partners and the government's economic stimulus measures should be major factors to drive forward the Thai industries and economy next year. Prof. Dr.Kamphol Panyagometh, Vice President for Research and Consulting Services of the National Institute of Development Administration (NIDA), told journalists on December 20 that the view was shared by most industrialists in the country, or 44.93 per cent of respondents, in a latest NIDA random survey across the country during October 30-November 30. Prof. Dr. Kamphol said the majority of the respondents expressed their opinions that the strong domestic tourism should be the second most important factor propelling the national economy and industries in 2018, after the expanding world trade and the Thai government's economic stimulus measures. However, Prof. Dr. Kamphol noted that 42.51 per cent of the total of 207 respondents considered the Thai economy should be stable next year, while 35.7 per cent of them viewed the national economy should keep growing at no higher than 5 per cent year-on-year and only 21.74 of them anticipated a shrink in the national economy at no greater than 5 per cent year-on-year. The NIDA vice president pointed out that most respondents, or 43 per cent, viewed international political issues to be a major risk factor for the Thai economic and industrial grwoth in 2018, while some others considered the recovering world economy at a possibly slower than a favorable target should be a major risk factor instead. According to the NIDA vice president, most respondents, or 62.32 per cent indicated that they have been prepared for next year's risk factors by exploring new markets both domestically and internationally to expand their customers' bases and to adopt more innovative technologies for their production processes. The NIDA vice rector revealed that most of the respondents, or 46.86 per cent, urged the Thai government to speed up official talks with potential economies to expand markets for Thai business operators, including those in neighboring Cambodia, Lao PDR, Malaysia and Vietnam, known as the CLMV group, reduce trade barriers or protectionist measures, particularly non-tariff barriers, and continue implementing its economic stimulus measures to boost domestic demand for goods and services, as well as further develop border trade and transport connectivity to generate more border trade values. (TNA)