Deputy PM Pridyathorn sees possible 5% Thai GDP growth next year


BANGKOK, Nov 3 —  Deputy Prime Minister Pridiyathorn Devakula who holds the economic affairs portfolioay grow by 5 per cent next year if transport investment turns out as planned.

Mr Pridiyathorn said in a seminar on the AEC+3 Summit 2014 that the Thai economy would expand by only 1.6-1.9 per cent this year because sufficient finds have not been injected into the economy, the government sector had invested very slowly and Thai exports slowed down.

However, he is satisfied with this year’s growth rate, as a result of Thailand’s past political problems.

Mr Pridiyathorn said that as the next election is set for late next year, the economy should grow by 4 per cent.

He expects a 5 per cent growth rate on the condition that government investment, especially in transport infrastructure, happens as planned.

The deputy prime minister does not think that the government needs to issue a second batch of economic stimulus measures.

He said that financial aid of Bt1,000 per rai for 3.4 million rice growing families and Bt23 billion allocated to build schools would enter the economic system in December and their positive effect on the national economy should be obvious in the first quarter of next year.

“The government is confident that the election will occur in late 2015 as planned. I do not see any possible obstacles. Reform in various areas and work on the election laws are underway,” Mr Pridiyathorn said.

He expects Thai exports will improve next year due to the world economic recovery.

He thinks that next year the export will be a supportive factor and the main factors to stimulate the Thai economy will be government investment and local consumption.