BANGKOK, Feb 18 (TNA) – The Thai economy expanded by 4.1% last year and would grow by 4% this year, according to the National Economic and Social Development Board.
The 2018 pace was slower than earlier expected at 4.2% by was the fastest in six years. The 4% rate this year was based on, among other factors, the general election which should raise the gross domestic product by 0.1-0.2%. The board was also concerned about the possible 2020 budget delay after the polls.
NESDB secretary-general Tosaporn Sirisamphan said the GDP in the fourth quarter of last year expanded by 3.7%, faster than 3.2% in the previous quarter. The overall 2018 GDP growth at 4.1% was higher than 4% in 2017. The export value rose 7.7%, private consumption increased 4.6% and investment went up by 3.8% last year.
This year the NESDB based the 4% GDP pace on increasing household spending, 4.2% private consumption growth, and restored arrivals from China and European countries in the first quarter.
The board predicted 41 million foreigners would visit Thailand this year and generate tourism-related income of 2.24 trillion baht for the country.
Overall investment was likely to rise by 5.1%, comprising 4.7% by the private sector and 6.2% by the government sector.
The growth of export value would be slower at 4.1% this year from 4.6% as earlier anticipated on the global economic growth rate that would slow down to 3.8%, trade barriers between China and the United States, and the declining prices of exported products based on the crude oil price.
The NESDB estimated 6.1 billion baht to be spent on the organization of the general election, 16.69 billion baht on vote campaigns in constituencies, and 20-30 billion baht on political parties’ operations.
The NESDB expected the baht value to range from 31.50 to 32.50 baht for a US dollar. (TNA)
