BANGKOK, 28 July 2015 – Deputy Prime Minister for Economic Affairs MR Pridiyathorn Devakula has assured that Thailand is not the only country being faced with the current drop in exports and believes a GDP growth of 3 percent will be seen this year.
After Thai exports were reported to be on a steady decline, MR Pridiyathorn has explained that the contraction is a result of the decreases in the prices of oil, precious metals and agricultural products in the world market. Therefore, he pointed out that the current export slump is not being witnessed only in Thailand but also in many other countries, including Russia, Japan, Singapore and Malaysia.
To cope with the fragile economy, the deputy premier said the government has already prepared several measures, one of which is the opening of new export markets. A target has also been set to boost rice export to 10 million tons per year which, if achieved, would earn Thailand the title of top rice exporter in the world.
In the meantime, revenue from the booming tourism sector is expected to take up 28 percent of the annual GDP, compensating for the shrinkage in export revenue, while over 1,200 investment projects have been approved in the past six months, signifying investors’ confidence in the Thai economy. The Deputy Prime Minister thus voiced confidence that the GDP this year will be able to expand 3 percent as projected.
