NESDB:Thai economy should grow by 3.5-4.5% in 2015

BANGKOK, November 17 (TNA) - Similar to projections by the Bank of Thailand (BOT) and other agencies, the Office of the National Economic and Social Development Board (NESDB) predicts that the Thai economy should grow by 3.5-4.5 per cent next year, after growing about 1 per cent this year. NESDB Secretary-General Arkom Termpitayapaisit told journalists on Monday that the anticipated 3.5-4.5 per cent economic growth rate next year is based on a positive prospect of the rebounding Thai exports and the global economy. Arkom assessed that tourism promotional campaigns and expanding private investment next year for projects under promotional privileges from the Board of Investment of Thailand (BOI) should also become positive factors for the expanding Thai economy in 2015. Besides, global crude prices are expected to further drop next year, from 80 US dollars per barrel now, which should help boost the national economic growth. The NESDB chief pointed out that other positive factors include the Thai government's new mega investment plans which should stimulate investment in the local private sector, together with a new salary hike for government officials as of April 2015. The NESDB chief projected that the value of Thai exports should run by about 4 per cent in 2015, household consumption by 2.6 per cent and overall investment by 5.8 per cent, while headline inflation should run 1.4-2.4 per cent and the country's current account surplus should stand at 2.2 per cent. The NESDB chief said that the Thai government's 40-billion-baht subsidy for rice growers and another subsidy for rubber growers should help stimulate the national economy from late this year. The NESDB chief acknowledged, however, that Thailand's gross domestic product (GDP) growth rate this year has been revised downwards from 1.5-2 per cent to about 1 per cent on average, after expanding by 0.2 per cent in the first nine months of this year and by 0.6 per cent year-on-year in the third quarter. (TNA)