Thailand in Focus :: NESDB gives positive economic outlook, reports 2.9% growth in Q3
Thailand in Focus :: NESDB gives positive economic outlook, reports 2.9% growth in Q3
16/11/2015
The Office of the National Economic and Social Development Board (NESDB) has reported a positive outlook for the Thai economy in the third quarter and forecasts this fiscal year to have the highest annual growth of the past three years.
NESDB Deputy Secretary-General Porametee Vimolsiri revealed that the economy grew by 2.8% in the third quarter of 2015, owing to increased stimulus measures and disbursements from the government.
The board expects an annual average of 2.9% growth this year, a stark improvement over last year's 0.9% and the best annual growth in three years.
The NESDB cited several positive factors, including the tourism sector, which projects more than 30 million foreign travelers this year, and economic stimulus measures by the government, which led to an increase in consumer spending and investor confidence.
Next year, the board expects 3-4% growth, owing to faster disbursement of government funding, state investment in mega-projects, continued growth in tourism, as well as the global economic recovery. Economic recovery by trading partners is projected to help the flagging export sector, which the NESDB believes will expand 3% in the third quarter.
However, the board expressed concerns over the drought crisis as well as the slowing growth of China, which could diminish household spending and exports to the country.
Source: National News Bureau of Thailand
