Private sector sees 3.8-4.5% growth of Thai economy in 2018

BANGKOK, February 6 (TNA) - The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB), representing the three major Thai private institutions, has projected that the national economy should further grow by 3.8-4.5 per cent year-on-year in 2018 and Thai exports should further expand by 3.5-6 per cent year-on-year. Pridi Daochai, Chairman of the Thai Bankers Association (TBA), told journalists of the projection on Tuesday, following a JSCCIB meeting in Bangkok on Tuesday, reasoning that there are now more positive signs of the world's major economies, especially the United States, where a new tax cut measure should result in the expanding economy. Pridi noted that the growing global economy, latest projected by JSCCIB, appears to be in accordance with an updated forecast of the US-based International Monetary Fund (IMF). Pridi warned, however, that there are remaining risk factors against Thailand's economic and export growth in 2018, including impacts from a possible change in Washington's trade measures later this year and the fluctuation of the US dollar and the Thai baht. According to the TBA chairman, Tuesday's JSCCIB meeting resolved that Thailand's gross domestic product (GDP) and exports should expand by 3.8-4.5 year-on-year and 3.5-6 per cent year-on-year respectively in 2018, while the general inflation should stand at a low level, around 1.1-1.6 per cent, as impacts from the Thai government-approved new daily minimum wage hike, effective as of April 1, should stand only 2 per cent or only about 0.3 per cent of increased labor costs on average. (TNA)