New constitution good for Thai economy, says UTCC

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BANGKOK – The University of the Thai Chamber of Commerce (UTCC) believes the new constitution will boost investor confidence in the second half of 2017.

Thailand News - 08-04-17 4 NNT New constitution good for Thai economy, says UTCC 1JPG

Thanawat Polvichai, the director of the UTCC’s Economic and Business Forecasting Center, is optimistic about the promulgation of the new constitution, saying it will have a positive impact on the overall economy.

He suggested domestic spending and investment will rise in the second half of this year as a result of political stability.

The latest promulgation shows that the nation is following the reform roadmap and a general election is now definite, further boosting investors and foreigners’ confidence in Thailand.

The UTCC expects this year’s GDP growth to be higher than 3.6%, mainly thanks to the government’s mid-year spending of no less than 100 billion baht, adding that the overall economy can potentially expand at a rate of 4% in many circumstances such as a global economic recovery, a higher export volume, and a rise in tourism-related spending.