FINANCE MINISTER Apisak Tantivorawong has assured an Asian Development Bank forum that tourism and public spending will continue to support the Thai economy, which is expected to expand by more than 3 per cent this year.

Apisak, also a governor of the ADB, is participating in the annual meeting of ADB governors in Frankfurt at a time when uncertainties and volatility remain risks to the health of the global economy and financial markets.

Thanks to greater political stability and supportive fiscal and monetary policies, the Thai economy is rebounding and, like most economies hit hard by the global turmoil, will rely more on the domestic front to support growth, he said.

Apart from tourism and public spending, private consumption appears to be improving, he said. Both fiscal and monetary policies will continue to accommodate the economic recovery.

Thailand is working to promote its attractiveness as an investment destination, the minister said. Its business climate will be improved through tax and non-tax measures for investment this year. Incentives will also be granted to investment in industries such as next-generation automobiles, smart electronics, tourism, agriculture and biotechnology, food robotics, aviation and logistics, biofuels and biochemicals, digital and medical, which will be Thailand's new growth engines.

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