A construction in Thailand. (Source: VNA) Bangkok (VNA) – Thailand’seconomy is expected to recover in 2017 with an estimated growth rate of 3.4percent, 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 ofThailand (NESDB). However, current difficulties still pose as top challenges tothe second largest economy in Southeast Asia.
Thai Minister of Finance Apisak Tantivorawongsaid that local enterprises need to create breakthrough products to increasetheir competitiveness.
Thailand needs to shift its focus to itsdomestic economy. The Government is accelerating many infrastructure projectsto raise the country’s competitiveness in 2017, including 36 major projectsworth 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 boosteconomic development.
A total of 20 major infrastructure projectsworth 1.41 trillion THB (40 billion USD) were implemented in 2016.
In addition, the Thai Government will apply amodel to develop the economy based on value and high technology.
Regarding import-export, the NESDB predictsthe lowest and highest growth rates of 2.4 percent and 4.5 percent,respectively.-VNA
