Thailand's GDP expected to grow by 3.6% in 2017

BANGKOK, January 30 (TNA) - The Finance Ministry has projected that Thailand's gross domestic product (GDP) should grow by 3.6 per cent in 2017, on top of its about 3.2 growth in 2016. Finance Ministry Spokesman Krisada Chinavicharana, who is also Director-General of the ministry's Fiscal Policy Office (FPO), told journalists on Monday that the forecast GDP was based on the Thai government's new investment on mega-infrastructure development projects, worth about 1.02 trillion baht, including the construction of dual-track railways and extended electric train and motorway routes in urban areas, as well as the development of airports. Besides, Thai exports are likely to grow by 2.5 per cent year-on-year in 2017, thanks to the recovering economies of trading partners, and the Thai Kingdom is expected to also earn about 1.84 trillion baht from the domestic tourism, which is likely to grow by 7.3 per cent year-on-year this year when the country is envisaged to welcome about 35 million international visitors. The spokesman cautioned, however, there are remaining risk factors for the Thai economy that need to be monitored, including the United States' changing economic policies and an anticipated hikes, gradually, of the US key interest rate by the Federal Reserve (FED), which could lead to capital outflows and the depreciation of the Thai baht. According to the spokesman, Thailand's GDP growth in 2016 is now estimated at 3.2 per cent year-on-year, from 2.8 per cent year-on-year in the previous year, boosted by growing public spending on urgent transportation projects and expanding private consumption spurred by the government’s economic stimulus measures. (TNA)