BANGKOK, 29 April 2015 – The Fiscal Policy Office has forecast that the Thai economy may expand by 3.7% a year in April 2015, higher than last year’s growth rate of 0.7% but lower than the January 2015 forecast of 3.9% a year.
Director of the Fiscal Policy Office Kritsada Chinawicharana Thai economic growth this year was largely spurred by service exports especially in the tourism sector which had been continuously growing due to tourists’ improving confidence in Thailand, said the director.
Government spending also has a tendency to increase due to its measure to expedite budget disbursement as well as progress of mega projects. Consumption and investment in the private sector are expected to recover continuously.
As for exports, the director said Thai exports this year would still be affected by uncertain recovery of the global economy and the Chinese economic slowdown. He confirmed that the Thai economy was still strong and forecast that the Thai trade balance this year would likely increase following export value which had slightly increased while import value had dropped.
