Grand Thornton expects Thailand’s economy to grow 4.5% in 2014

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BANGKOK, 22 November 2013 Grand Thornton Thailand, an accounting and consulting firm, forecast that Thailand should see a 4.5% growth in its economy during the year 2014. 

The international accounting and consulting firm, Grand Thornton, has revealed that a survey conducted among 3,000 executives from 45 business sectors worldwide showed mostly negative feedbacks when asked for their opinion about Thailand’s economy over the past 9 months. In their opinion, the 300 baht minimum wage hike has done little to increase or affect the efficiently of the country’s production.

However, the firm forecast that 2014 holds better outlooks – with 4.5% economic growth stemming from the recovery of the world market. Moreover, Thailand’s tourism continues to do well. There are plans to push forward infrastructure investments, and the country should benefit well from various Free Trade Agreements (FTA).

In order to achieve a better competitive advantage, Grand Thornton advised Thailand to focus on its lacking of skilled labor and to further develop its infrastructure along with its telecommunications system.