Thailand's GDP growth to meet target of 3.8% in 2017

BANGKOK, December 28 (TNA) - The Ministry of Finance now projects that Thailand's gross domestic product (GDP) growth this year should meet an official target of 3.8 per cent year-on-year on average, boosted mainly by expanding Thai exports in line with the recovering world economy. Pornchai Thiravej (พรชัย ฐีระเวช), an advisor to the ministry's Fiscal Policy Office (FPO), told journalists of the update on Thursday, acknowledging the growing Thai exports as the key factor to stimulate the country's GDP growth this year, thanks to the expanding world GDP to 3.9 per cent year-on-year now, from 3.7 per cent year-on-year earlier anticipated. Pornchai pointed out although there are remaining risk factors, including tensions in the Korean Peninsula and the Middle East, as well as the rising trend of the US key interest rate, Thailand's export growth during the first three quarters of this year reached 13.4 per cent year-on-year, while the domestic tourism expanded by 23.2 per cent year-on-year as 3.02 million international tourists have visited the Thai Kingdom so far. Besides, Thailand's total auto sale during the first 11 months of this year soared by 34.9 per cent year-on-year, or 60,000-70,000 units, reflecting the improved purchasing power of local people, including those in provincial areas, and total cement sale rose by 6.4 per cent, resulting in the increased price index this year of the domestic construction sector by 3.6 per cent. The FPO advisor, thus, expressed his confidence that Thailand's GDP growth in 2017 should meet his office's target of 3.8 per cent year-on-year. (TNA)