The private sector remains confident of the country’s economic growth this year of 4-4.5% as exports continue to increase, and tourism booms. However it also warns that the trade disputes between the United States, European Union and China may have impact on Thailand’s export growth.
According to the Joint Standing Committee on Commerce, Industry and Banking, it forecasts 4-4.5% growth year-on-year in 2018, and exports to increase 5.0-8.0% this year, up from 3.5-6.0 % seen earlier.
It also said the inflation rate should lower from around 1.1-1.6% to 0.7-1.2% while the baht value is expected to stay at 32 baht to the US dollar at the end of this year, citing growing global economy.
It said however that there are still challenging issues that could affect Thailand’s economic growth.
These issues include the trade disputes between the US and various countries particularly the tit-for-tat in tariffs when China imposed $3 billion worth of tariffs on 128 US products in retaliation against a series of trade tariffs on Chinese goods in the US.