Bangkok – According to a recent report from the Office of the National Economic and Social Development Board (NESDB), Thailand’s economy expanded 3.3 percent in the third quarter of 2018, down from the second quarter’s 4.6 percent. However, the figure is seen as positive by the administration, which maintained the projection for the nation’s GDP growth at 4.2-4.3 percent this year.
Minister Attached to the Prime Minister’s Office, Dr. Kobsak Pootrakool , revealed that the cabinet has reviewed the NESDB’s report on the Kingdom’s economic growth and concluded that the nation’s overall economy remains strong. He attributed the positive sentiment to public and government spending as well as the state’s investment projects.
However, the minister pointed out that the export sector is in a slump, leading to a slight contraction. He also indicated that the tourism sector is facing a decline, due to the decreasing number of Chinese tourists.
Dr. Kobsak also touched on the trade war between the U.S. and China, saying the matter is beyond Thailand’s control, but said the Thai government would do what it could to minimize the effects.
The minister is confident in the Kingdom’s economy, saying its tourism sector would boom in the fourth quarter. The minister is positive that Thailand would achieve its 4.2-4.3 percent GDP growth as targeted.