Thai economy remains strong

BANGKOK, November 21 (TNA) - The Thai government says the national economy remains strong cushioned by the expanding domestic consumption and investment projects, particularly those on new mega-infrastructure development. Minister Attached to the Prime Minister's Office Kobsak Pootrakool made the remarks, after the Thai Cabinet's weekly meeting at Bangkok's Government House on November 20. Kobsak told journalists the latest assessment followed a report submitted to the Thai Cabinet by the Office of the National Economic and Social Development Board (NESDB) that the national economy faced a slower growth of 3.3 per cent year-on-year in the third quarter of this year, compared to 4.6 per cent year-on-year in the second quarter, due mainly to a drop in Thai exports, caused by impacts from the ongoing trade war between the United States and China, and in the number of Chinese tourists. The minister stated that despite the uncontrollable external risk factors, the Thai government will, thus, emphasize on stimulating the domestic tourism sector to attract more international visitors to the country in the last quarter of this year, coinciding with the international high tourism season. "The Thai government is trying the best to limit the negative impacts from the external risk factors on the national economy, while stimulating the domestic tourism in the last quarter of this year, aimed to boost the country's gross domestic product (GDP) to grow by 4.2-4.3 per cent year-on-year in 2018 as officially-targeted", vowed the minister. Meanwhile, Bank of Thailand (BOT) Governor Veerathai Santiprabhob told reporters that the central bank will keep monitoring risk factors against the national economy, including such a short-term problem as impacts from natural disasters in trading partners namely Japan and the Philippines. (TNA)