UTCC confirms 2018 economy on upward trend

BANGKOK, Feb 19 (TNA) -- The Centre for Economic and Business Forecasting of the University of the Thai Chamber of Commerce asserts that Thailand's economy was on the upward trend and will grow by 4.4% with exports growing by 6%. Inflation will stand at around 1.3% correlating with national policy interest rates hovering within 1.5%. Dubai Crude oil prices will average out to about 60 US dollars per barrel while the value of the baht should average out to about 31 baht to the US dollar while tourist numbers of 38.6 million are expected this year. Mr Thanawat Polwichai, the director of the Centre stated that the main driving force behind this year's economic rebound are the improving economic health of Thailand's major trading partners especially those in the Asian region to the benefit of Thailand's exports. Furthermore, sustained government investments which in turn will help bolster private sector investments provide a strong basis for confidence. The growth of the tourist sector- especially from China and other tourism promotional campaigns such as the planned Motor GP is another contributing factor. Last but no least are the rise in agricultural prices. Factors that may compound this growth are the controversial foreign trade policies of the US, the upward trend of global interest rates and the slower than expected Chinese economic expansion. Other factors that must be monitored are the appreciation of the baht and household debt. (TNA)