Private sector raises growth projection after sign of economic recovery seen

The Ministry of Commerce as well as the Joint Standing Committee on Commerce, Industry and Banking yesterday jointly announced that the economy was showing clear signs of recovery and as such they will be making adjustments to their projections accordingly.

They reported that Thailand’s economy in August improved significantly as a consequence of the growth in exports.

Thai exports grew by an outstanding 13.2% which represents a 55-month peak.

Accordingly, this has allowed the Consumer Confidence Index to increase by 62.4%, the highest in 4 months.

This signals improved consumer expectations for future economic health.

As a result of this the Ministry of Finance will be making adjustments to their economic projections this October with 3.8% growth target set for this year

Meanwhile chairman of the Thai Bankers Association Mr Predee Daochai announced that in the next Joint Standing Committee on Commerce, Industry and Trades meeting next week, GDP growth projections will be adjusted higher over the previous estimate of 3.5% in light of the improvements in the national economy.

He however admitted that the recovery did not apply to all as the agricultural sector will need more time before any real improvements are seen.