BANGKOK, 31 October 2014 – The Thai economy will likely expand by 1.4% for the whole of 2014, according to the latest projection by The Fiscal Policy Office.
Kritsada Chinawicharana, director of the Fiscal Policy Office (FPO), indicated on Thursday that the clearer political direction and the recent economic stimulus measures will result in higher growth in consumption and private sector investment. Coupled with the state’s continued disbursement of budgets, the Thai economy is expected to expand by 2.9% in the latter half of 2014. The current projection for the whole-year expansion, 1.4%, is a downward revision from the 2% growth projection predicted in July; Mr. Kritsada said this came about because the export and tourism sectors recovered more slowly than expected.
For year 2015, the FPO projects that the Thai economy will expand by 4.1% after being buoyed by state sector spending, higher consumption and increased private sector investment. Exports are expected to grow by 6.5% in tandem with the recovery of trading partners’ economies.