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Thai GDP predicted to grow 4-5 percent in 2015

Thailand ’s Fiscal Policy Office has predicted the country’s economy will grow 4-5 percent in 2015 although export growth may remain slow.
Thailand ’s Fiscal Policy Office has predicted the country’s economywill grow 4-5 percent in 2015 although export growth may remain slow.

FPODeputy Director General Ekniti Nitithanprapas said that state spendingwill play an important role in driving Thailand ’s economy forwardnext year.

The government budget disbursement to implementvarious construction projects, particularly the infrastructure networkdevelopment plan, will boost confidence in the private sector and leadto more investment and cash circulation in the local economy, he said.

However,he estimated that next year’s export growth will remain low because theglobal economic recovery will likely be sluggish, especially whenChina ’s economy, Thailand ’s number-one trading partner, is expectedto see slow growth.

Ekniti added that the rise in Thailand’s aggregate debt will slow down to 6-7 percent in 2015, compared to the20 percent growth in 2013, because local financial institutions havebecome stricter in their loan approvals as household debt levels remainhigh.

He went on to say that the baht is also expected todepreciate next year when the US Federal Reserve will likely raise itsbenchmark interest rate - a decision that may make funds flow out ofThailand.-VNA
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