Thai economy grows 4.8 per cent

BANGKOK, May 22 (TNA) -- The Thai economy in the first quarter of 2018 expanded by 4.8 percent year-on-year, the best pace in 5 years, Thailand’s Office of the National Economic and Social Development Board (NESDB) announces on Monday. The agency attributed the fastest economic growth in five years to strong exports, tourism and steady increase in private consumption. NESDB Deputy Secretary-General Wichayayuth Boonchit said the agency also raised its 2018 growth forecast to 4.2-4.7 percent from 3.6-4.6 percent projected three months ago. Exports, the main growth engine of the country, grew 9.9 percent with strong performance of automotive, electronics and hard drives. The NESDB raised its 2018 export growth forecast to 8.9 percent from 6.8 percent seen three months ago, said Wichayayuth. The government was trying to speed up spending and expediting large infrastructure projects to spur activity, but disbursement had slowed, he noted. Investments by state enterprise, however, rose 11.5 percent from a year earlier. Referring to good signs of higher confidence, Mr Wichayayuth said private consumption was up 3.6 percent, compared with 3.4 percent a year earlier, and private investment rose 3.1 percent. (TNA)