11:15 | 02/02/2018 Global Economy
Thailand’s finance ministry has raised its GDP growth forecast to 4.2 percent from 3.8 percent, and also increased its estimate for exports.
|Spokeswoman of Thailand’s finance ministry Kulaya Tantitemit - Source: www2.mof.go.th|
Export, a key driver of Thai growth, will increase 6.6 percent this year compared with the 5.7 percent predicted in October last year, ministry spokeswoman Kulaya Tantitemit said at a press conference in Bangkok on January 29.
Southeast Asia's second-largest economy will mainly be driven by government spending and large public infrastructure projects this year, she said.
Thailand’s economic growth in 2017 was estimated at 4 percent - the fastest pace since 2012 - and higher than the 3.8 percent the ministry projected three months ago, thanks to stronger exports and tourism, Kulaya said.
Recently, the Thailand Board of Investment (BOI) announced the investment target of 720 billion THB (US$22.5 billion) for 2018 after closing the year of 2017 with an investment growth of 22 percent from 2016.
The total investment application value of 2017 was nearly 642 billion THB (US$20 billion), exceeding the initial 600-billion-THB (US$18.75 billion) target set for 2017.