Thailand's official economic growth projection updated to 4.5%

BANGKOK, October 30 (TNA) - The Ministry of Finance reports on its updated projection of Thailand's economic growth in 2018 to 4.5 per cent year-on-year, on top of the 3.9 per cent year-on-year growth in 2017. Finance Ministry Deputy Spokesman Pornchai Thiravej on Tuesday told journalists of the updated projection, made by the ministry's Fiscal Policy Office (FPO). The deputy spokesman, who is also an FPO advisor on Financial Economics, said that Thailand's economic growth this year is mainly boosted by the private investment and consumption, thanks to the more creation of jobs and the increase in household income in the domestic farm sector. Besides, the Thai government's welfare programs to financially support low-income earners nationwide and well-progress in mega-investment projects have stimulated the national economic growth, together with the expanding domestic tourism. The deputy spokesman cited the FPO report as indicating that Thailand's general inflation should stand at a low level of 1.2 per cent on average, despite its increase from last year. The deputy spokesman cautioned, however, that there are some remaining risk factors against the Thai economic growth this year, including negative impacts from the ongoing trade war between the United States and China and the fluctuation of the world financial market. (TNA)