Thai economy latest predited to grow 3% in 2015

BANGKOK, August 17 (TNA) - The National Economic and Social Development Board (NESDB) has latest predicted that Thailand's gross domestic product (GDP) should grow by 3 per cent on average this year with minus inflation and low oil prices. NESDB Deputy Secretary-General Porametee Vimolsiri explained on Monday that NESDB's updated revision of Thailand's GDP projected growth this year ranges between 2.7 per cent and 3.2 per cent, after the country's GDP growth expanded by 2.8 per cent in the second quarter of this year, while inflation ran between -0.7 per cent and -0.2 per cent and the current account surplus reached 4.8 per cent of the GDP. NESDB Secretary-General Arkhom Termpittayapaisith, who is also Deputy Transport Minister, told journalists, meanwhile, that the national economy grew by 2.8 per cent in the second quarter of this year, compared with 3 per cent in the first quarter. Consequently, Arkhom said, Thailand's GDP grew by 2.9 per cent in the first half of this year, acknowledging, nonetheless, that the national economic growth has continued, thanks to investment by the government, which has soared by 30.9 per cent, compared with a 4.9 per cent decline last year. Arkhom foresaw that domestic tourism should stimulate the national economic growth in the second half of this year, with the number of international visitors to Thailand expected to exceed 7 million people, a 37.6 per cent expansion and a faster increase from the first quarter. Besides, domestic tourism should make up for an about 4 per cent decline of Thai exports and the national economic situation should be satisfactory if the government realised the economic growth rate at 3 per cent this year. The NESDB chief dismissed concerns over China's yuan depreciation by 2-3 per cent lately, noting that the value of other currencies in the region had earlier weakened, citing as an example that the Thai baht had depreciated by 5 per cent from early this year to July. The NESDB chief pointed out that China apparently wanted yuan to move in accordance with other currencies in the same region, cautioning, however, if the Thai baht depreciated by more than 7 per cent, it would then raise concerns. (TNA)