BANGKOK, 16 Oct The deputy prime minister in charge of economics has forecast that the Thai economy will grow by 4% next year.
Deputy Prime Minister MR Pridiyathorn Devakula delivered a speech at an economic seminar highlighting the obstacles Thailand has had to overcome, including the most recent 7 months of political turmoil and the lagging global economy, which have contributed to growth of only 2% this year.
However, the deputy prime minister was confident that the expeditious disbursement of this year’s fiscal budget would be able to stimulate the Thai economy, contributing to growth of 4% next year. He said growth could be even higher if investment projects across the country are approved.
Meanwhile, MR Pridiyathorn reassured that the current government was only in place to help steer the country into the right direction, particularly helping to resolve urgent issues with rice, rubber, and cassava products.
The deputy prime minister noted that the industrial sector needed to expand its manufacturing base to other countries to gain market share, whereby laws and regulations may have to be amended to raise foreign investments, striving to become the region’s top foreign investment attraction.
He noted that Thailand’s industrial sector ranks at the top of Asean, and that it should also aim to raise its international ranking.
MR Pridiyathorn added that one of Thailand’s major weaknesses was its wasteful energy consumption, totaling 19% of GDP, compared to 9% of GDP in other countries. He pointed to the unbalanced price structure and failing measures to reduce electricity usage as major contributors.
