Thai economy recovering gradually; 3.2% growth last year

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BANGKOK – Prime Minister Gen Prayut Chan-o-cha is optimistic about Thailand’s economic outlook as gross domestic product (GDP) grew 3.2% last year.

The prime minister said today that the current administration is pushing for economic reform centered on the “Thailand 4.0” policy which seeks to turn Thailand into a high-income country and improve the livelihoods of its citizens.

Since the government assumed office, he said Thailand has seen continuous GDP growth. The economy grew 0.8% in 2014, 2.8% in 2015, and 3.2% in 2016.

If all goes as planned, he said the country could enjoy potential 3.5% economic growth this year, which proves that the overall economy is stabilizing.

In March 2017 alone, he said farmers’ average incomes rose 30% year-on-year thanks to higher production and higher agricultural prices, resulting in more household spending and improving consumer confidence, in addition to a 10% expansion in business registration requests.