KResearch raises projection of Thailand's GDP growth in 2018

BANGKOK, September 28 (TNA) - Like other established institutions, Kasikorn Research Center Co., Ltd. (KResearch) has also raised its projection of Thailand's gross domestic product (GDP) growth rate this year to 4.6 per cent, from its earlier forecast of 4.5 per cent. A KResearch executive, Natthaporn Triratsirikul, on Friday told journalists of her company's upward projection of Thailand's GDP growth rate in 2018, reasoning that the country's GDP expanded as high as 4.8 per cent year-on-year in the first half of this year. Natthaporn said the KResearch's 4.6 per cent updated projection of the national economic growth rate this year was based on the possibility of a slowdown in both Thai exports and tourism during the second half of this year due to impacts from the ongoing trade war between the United States and China, a drop in the number of Chinese tourist arrivals in the country and an upward trend of capital outflows to economies where there are higher interest rates. The KResearch executive noted, however, that the rising consumption of local households, particularly those earning 15,000-30,000 monthly in Bangkok, and the clear schedule of Thailand's new general election early next year should be positive factors to propel the national economic growth through rising domestic investment projects. Earlier this week, the Manila-based Asian Development Bank (ADB) has raised its forecast of Thailand's GDP growth rates in 2018 and 2019 to 4.5 per cent year-on-year and 4.3 per cent year-on-year respectively, from 4 per cent year-on-year and 4.1 per cent year-on-year. (TNA)