UTCC confidents Thai economy to sustain growth in 2018

BANGKOK, Nov 19 (TNA) -- The University of Thai Chamber of Commerce (UTCC) is optimistic that Thailand’s general economy would sustain growth in 2018 on the back of implementation of development projects under the government-sponsored Eastern Economic Corridor (EEC). Thanawat Polvichai, director of UTCC’s Economic and Business Forecasting Centre, said Thailand’s exports are projected to grow 4.3 per cent in line with robust economy growth of Thailand’s principal trading partners. The government would continue to invest on basic infrastructure projects, tourism business to sustain growth and prices of agricultural products are expected to increase, he said, adding that these factors are positive to the regional countries. Negative factors such as uncertain economic policy of the US, currency volatility and remaining high household debt would force people to be cautious in spending, said Mr Thanawat. On business surveys, discussed during the 35th seminar of chambers of commerce nationwide at the southern province of Surat Thani, participants projected that Thailand’s gross domestic product (GDP) would sustain growth 3.9 per cent this year and further increase to 4.2 per cent in 2018. Economic situation, especially in Bangkok, surrounding provinces and the East, is projected to prosper because of the government-sponsored economic projects. The Eastern region will benefit from the Eastern Economic Corridor (EEC) and its GDPs this year would grow 5 per cent and 5.6 per cent in 2018. However, the general scenario in the North and the Northeastern regions are quite different as economy there is expected to slow down due to poor purchasing power, no fresh economic development projects and low prices of agricultural products. Economic situations in Central and the South would remain unexciting because of sluggish investment while the two regions are affected by massive flooding. But there are chances that economy could expand due to continued growing in tourism business and border trade. (TNA)