Illustrative image (Source: Chiang Rai Times)
 Bangkok (VNA) – Thailand’s economy is expected to grow by 3.1 percent in 2016 compared to the previous forecast of 2.5 percent, said Kiatipong Ariyaprucha, the World Bank (WB)’s senior economist for Thailand.

The raise was driven by effective fiscal policies and growth in investment and budget division, he added.

The expert also predicted that the Southeast Asian economic growth would reach 3.2 percent in 2017.

Despite positive recovery, Thailand’s economy still expands at a slower pace than neighbouring countries, which averaged 4 – 5 percent.

The country would be able to increase its annual growth at 4 percent if the government liberalises its service sector with members of the ASEAN Economic Community, said the WB specialist.

Thailand’s economy is expected to perform better on the back of the bright prospect of the US and global economies, which help improve global import demand, thus boosting Thailand’s exports.-VNA