World Bank expects Thai economy to grow 4.1% this year

BANGKOK, April 9 (TNA) -- The Thai economy will expand by 4.1% this year, showing the fastest pace in six years, on the recovery of many sectors and improvement in consumers’ confidence, said Kiatipong Ariyapruchya, senior country economist of the World Bank for Thailand. Last year consumption in the private sector rose to nearly 50% of the gross domestic product and exports grew by 7.5%. Those would continue to drive the economy this year, he said. The import of capital goods increased by 6.5% and signaled the recovery of the private sector and the implementation of large-scaled projects, he said. Meanwhile, CIMB Thai bank revised its prediction of the economic growth downwards from 4% to 3.7% this year as investment in the private sector went up slowly by 2.5%. The bank stated that private consumption rose by 3.1% and foreign investors lacked confidence due to the possible delay of the general election. The bank predicted Thai exports would expand by 7.4% this year instead of 4.5% as earlier anticipated. Deputy Prime Minister Somkid Jatusripitak said Thailand would not be significantly affected by a trade war between China and the United States because it was a small country that could depend more on its domestic economy. He believed that the economy would grow by at least 4% this year on government investment and investors’ confidence. (TNA)