BANGKOK, Jan 31 (NNN-TNA) – Thailand’s economy is projected to expand three percent this year, unchanged from an earlier estimate, supported by private consumption, exports and tourism, the Ministry of Finance said, yesterday.
Private consumption was seen expanding 3.3 percent this year, up from 2.9 percent in the previous projection, partly due to the government’s stimulus measures, and continued growth in farm incomes, said Pornchai Thiraveja, director general of the ministry’s Fiscal Policy Office.
Exports, a key driver of the country’s economic growth, are expected to grow 4.4 percent this year, quickening from the 3.1 percent rise, forecasted earlier, and aligning with improved global demand and economic recovery in key trading partners, Pornchai told a news conference.
Last year, the kingdom’s economy was estimated to have grown 2.5 percent, a slight decline from the previous projection of 2.7 percent growth, Pornchai said.
The reduced growth forecast was attributed to a sharper-than-anticipated drop in private investment, particularly within the automotive sector, he said.
The declining sales of internal combustion engine vehicles, along with the difficulty in accessing credit, led business operators to delay their investment decisions, the official added.– NNN-TNA
