Economic forecasts being revised upwards

Kasikorn Research Centre has revised upwards its forecast for the nation’s GDP growth this year to 3.7 per cent from the previous projection of 3.4 per cent.

Exports and a strong recovery in the tourism sector are the main drivers of the increased growth, said the centre’s managing director, Charl Kengchon on Thursday at a press conference on “Thai Economic Outlook”.

The centre also predicted that Thailand’s economy in the second half of this year would grow by more than in the first half.

Earlier this month the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) raised its forecast for economic expansion this year to 3.7-4 per cent from an earlier estimate of 3.5-4 per cent, citing higher than expected growth in exports and tourism.

However, it added that risks from external events could prompt money-market volatility, particularly for the baht. Risks included political developments in the United States, Germany and Japan, as well as tensions on the Korean peninsula.

Late last month Thailand’s Monetary Policy Committee (MPC) raised its forecast for this year’s economic growth to 3.8 per cent from an earlier estimate of 3.5 per cent, following rises in exports and domestic demand. Its forecast for next year’s economic growth was also revised up to 3.8 per cent from 3.7 per cent.

SOURCE: The Nation