Thai economy to make remarkable recovery: experts

Bangkok (VNA) – Businesses and experts are hopeful about a revival in Thai economy after the year-long mourning period for late King Bhumibol Adulyadej ends on October 29.

Consumer spending index is expected to get better in October. Statistics from the Bank of Thailand (BOT) showed that private consumption expanded at an average pace of 2.5 percent this year as compared with 3.5 percent in 2016.

Household spending is worth about half of the country’s 407 billion USD GDP, according to the World Bank.

Investors are taking bets on the upbeat economy outlook. Share price of Thailand’s 22 largest companies surged 12 percent in 2017 while the market’s average share price went up 10 percent.

The Thai Chamber of Commerce also forecast strong growth of the national economy in the fourth quarter of the year after it reached 3.5 percent in the previous quarter.

Earlier, the Ministry of Commerce announced that export revenue in September was 21.8 billion USD, the highest in the past nine months and hiking 12.2 percent from the same month last year. From the outset of the year, total export revenue reached 170 billion USD, up 9.3 percent year on year.

Shipments and tourism have made significant contribution to promoting economic expansion in the country. However, high and increasing household debt spurred by reduction in support policies is the main barrier to the growth.

Domestic credit for the private sector exceeds 140 percent of national GDP, the highest among emerging economies in Southeast Asia.-VNA