Fiscal Policy Office says Thai economy will grow only 3.8-4.3%

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BANGKOK, 11 September 2013 The Fiscal Policy Office (FPO) expects the Thai economy to grow only at the range of 3.8-4.3 percent this year, revealing that Thailand saw a 28 percent rise in its tourism sector in August. 

According to Deputy Director-General of the Fiscal Policy Office (FPO) Ekniti Nitithanprapas, this year’s economic growth is expected to be around 3.8-4.3 percent, a tremendous decline when compared to last year’s figure of 6.5 percent. The reason was that the growth last year was driven by the recovery of the world economy, including Japan, Europe, and the US, which had positive effect on the export sector.

He further disclosed that Thailand saw a 28 percent increase in its tourism industry in August, while the unemployment rate was also low. He added that the financial status of commercial banks and the private sector was stable, while the government was also in a strong position.

However, there are risk factors that the country has to watch out for from now on, including the world money and bond markets, political situations in both domestic and foreign countries, and the increasing prices of crude oil, he said.

He has also forecast that Thailand in the long run will have to rely more on exporting to the ASEAN countries, especially Cambodia, Laos, Burma, and Vietnam.