NESDB predicts Thailand’s growth rate year at 3-4 percent

Thailand’s growth rate (GDP) for the whole year of last year registered 3.2 percent and is predicted to register 3-4 percent this year, thanks to global economic recovery, said Mr Paramet Wimonsiri, secretary-general of the National Economic and Social Development Board, on Monday.

Although growth rate for the fourth quarter slowed down to 3.0 percent, the overall economic performance for 2016 was recorded at 3.2 percent compared to 2.9 percent a year earlier, thanks to increased household spendings resulting from increased exports, increase in government and private investments and price increases of farm products among others.

Economic performance this year is predicted to expand further in correspondence with global economic growth expected to register 3.1-3.3 percent, especially the improved economy of the United States which will drive the growth engine of many countries with the exception of China.

Global trade growth predicted to register 3.6 percent this year coupled with export expansion expected at 2.9 percent, increased investments of both the government and private sectors and revenue increase in the tourism industry will help drive the growth rate this year to 3-4 percent.