Thailand’s economy posted the strongest growth in five years in 2017 and is expected to maintain the outlook this year, driven robust exports and tourism.
Thailand’s economy posted the strongest growth in five years in 2017. (Photo: The Straits Times)
Bangkok (VNA) – Thailand’s economy posted the strongest growth infive years in 2017 and is expected to maintain the outlook this year, driven robustexports and tourism.
Thailand’s gross domestic product (GDP) grew an inflation-adjusted 3.9 percentin 2017, up from 3.3 percent from the previous year, marking its fastestexpansion since 2012, according to the National Economic and Social DevelopmentBoard (NESDB).
The economy looks set to grow faster this year with GDP forecast to expand by3.6-4.6 percent. A steady recovery in exports and large governmentinfrastructure projects, including the expansions of ports and roads as part ofa 45 billion project for a new special economic zone on the east coast of thecountry, are expected to support growth in 2018.
In addition, private investment, which grew by a just 1.7 percent in 2017, willrise at a faster pace of around 3.7 percent this year.
Accounting for over 10 percent of the national economy, tourism sector isexpected to post a growth of 8 percent in revenue. Last year, the countryearned a record revenue of 53 billion USD by servicing 35 million visitors.
Although economic growth last year was the highest since the militarygovernment took power in 2014, experts said that the Southeast Asia’ssecond-largest economy still lags most of its regional peers, many of which aregrowing by more than 5 percent annually. Domestic factors, particularly privateinvestment and consumption, remained weak. Meanwhile, political instability isbilled as a risk for the country’s economy. - VNA
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Thailand’s economy posted the strongest growth in five years in 2017. (Photo: The Straits Times) 
