Bangkok – The Government Savings Bank (GSB) and Kasikorn Bank believe the country’s gross domestic product (GDP) will grow within a range of 4.5% and 4.9% this year.
GSB president and CEO Chatchai Payuhanaveechai said his bank has forecast that this year’s GDP growth will be between 4.6% and 4.9% which will be driven by high public spending ahead of next year’s general election.
Despite his optimism, Chatchai warns that the United States’ economic measures for the remainder of this year could potentially hinder Thailand’s economic expansion.
Meanwhile, Charl Kengchon, the managing director of Kasikorn Research Center, said government spending and private investment resulted in Thai economic expansion in the first two quarters of 2018.
Expecting the trend to continue, coupled with sales campaigns and a tourism boom at the end of 2018, Charl said the country’s GDP will soar at the rate of 4.5% which is in line with the Office of the National Economic and Social Development Board and the Ministry of Finance’s forecasts.
