Bangkok – The University of the Thai Chamber of Commerce (UTCC) has forecast the Thai economy will grow by at least 3.8% this year.
Thanawat Polvichai, Director of the university’s Center for Economic and Business Forecasting, reported the results of the TCC Confidence Index for February 2019, which polled Thai Chambers of Commerce nationwide. The index rose to 48.5 due to political activity in the lead up to the election and the Bank of Thailand’s decision to maintain the annual interest rate policy at 1.75%, pointing to continued economic growth.
The center expects Thailand’s economy to be helped by the robust tourism sector. Thanawat also expressed optimism at the ongoing trade negotiations between the United States and China.
Nonetheless, the private sector remains concerned over export contraction posted in January, higher oil prices, and tepid agricultural prices. Companies are looking to the next elected administration to urgently issue state measures that will stimulate consumer confidence.
