The tourism and export sectors will continue to be the main growth drivers of the economy this year thanks to strong fundamentals of the global economy, the SCB Economic Intelligence Centre (EIC) said in a report. It forecasts 4 per cent growth in gross domestic product from the previous year. In 2018, exports of goods and the number of tourists are projected to see year-on-year expansion of 5 per cent and 80 per cent, respectively, said the EIC, a unit of Siam Commercial Bank. “Sustained growth in exports has led to an increase in capacity utilisation, lending support to private investment going forward,” the report said. “Moreover, private investment has an additional stimulus from the government’s infrastructure investment, particularly following the greater clarity in the Eastern Economic Corridor (EEC) project after the legislature passed the EEC law. “This project has a high potential in attracting both domestic and foreign investment. In addition, the concern over a shortage of migrant labour has subsided, after the government postponed enforcement of the new regulation on undocumented migrant workers and eased the regulation’s rules of punishment.” The EIC report said domestic consumer spending is projected to continue expanding, but remains reliant on the purchasing… Read full this story
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