DPM:Thai exports late 2015 could boost economic growth in 2016

BANGKOK, October 2 (TNA) - Deputy Prime Minister Somkid Jatusripitak, who oversees economic affairs, says that if the Commerce Ministry was able to boost Thai exports in the last quarter of this year, the national economy would pick up in the first quarter of 2016, which would attract more foreign investment into the Thai economy. Somkid made the assessment on Thursday, pointing out Thai Prime Minister General Prayut Chan-ocha's successful visit to the United States recently to attend the 70th United Nations General Assembly in New York, where he received a warm welcome from the international community, showed that the world community is now more confident in his government's serious efforts and potential to ease previous political tension and to restore national peace, which should further improve the national situation in various areas. Meanwhile, Nopporn Thepsitthar, Chairman of the Thai National Shippers’ Council (TNSC), told reporters that TNSC plans to adjust downward its projection of the country's export growth this year to a contraction of more than 5 per cent and a zero growth in 2016, before growing by 3 per cent in 2017-2018 and some 5 per cent in 2019-2020, after Thai exports in the first eight months of this year contracted 4.92 per cent. TNSC Vice Chairman Vallop Vitanakorn suggested, in the meantime, that the Thai government boost domestic consumption to stimulate the national economic growth to offset a fall in Thai exports. In another development, Somkiat Triratpan, Director of the Trade Policy and Strategy Office, under the Commerce Ministry, stated that his ministry has, again, revised Thailand's inflation for 2015 to contract 0.2–1 per cent after the consumer price index (CPI) had continued contracting during the first nine months of this year. (TNA)