A construction in Thailand. (Source: VNA)

Bangkok (VNA) – Thailand’s economy is expected to recover in 2017 with an estimated growth rate of 3.4 percent, higher than last year’s estimated 3.3 percent.

The assessment was made by the World Bank, Bank of Thailand and the National Economic and Social Development Board of Thailand (NESDB). However, current difficulties still pose as top challenges to the second largest economy in Southeast Asia.

Thai Minister of Finance Apisak Tantivorawong said that local enterprises need to create breakthrough products to increase their competitiveness.

Thailand needs to shift its focus to its domestic economy. The Government is accelerating many infrastructure projects to raise the country’s competitiveness in 2017, including 36 major projects worth 896 billion THB (25 billion USD).

Of the budget for infrastructure this year, 100 billion THB (2.8 billion USD will be allocated to 18 regions to boost economic development.

A total of 20 major infrastructure projects worth 1.41 trillion THB (40 billion USD) were implemented in 2016.

In addition, the Thai Government will apply a model to develop the economy based on value and high technology.

Regarding import-export, the NESDB predicts the lowest and highest growth rates of 2.4 percent and 4.5 percent, respectively.-VNA