11:16 | 12/04/2018 Global Economy
Thailand's economy is expected to grow 4.1 percent this year, up from 3.6 percent predicted last August, as the recovery is broadening, the World Bank said on April 9.
|The WB raises Thailand's growth forecast this year due to economic recovery and rising exports - Source: Bangkok Post|
While rapid export growth continues to fuelling the economy, an increase in capacity utilisation and acceleration in capital goods imports suggest a nascent domestic demand recovery, the World Bank said in a statement.
"With economic growth exceeding 4 percent this year, for the first time since 2012, Thailand has the potential, with intensifying structural reforms, to raise productivity and grow even faster over the medium term," Ulrich Zachau, World Bank director for Thailand, Malaysia and Regional Partnerships, said in the statement.
Thailand's exports are expected to rise 6 percent this year, but a trade war between the US and China is a risk, according to World Bank economist Kiatipong Ariyapruchya.
Last month, the Bank of Thailand (BoT) raised its 2018 economic growth forecast to 4.1 percent from 3.9 percent.