Economic growth in 2015 is expected to stand at 2.9% according to the Office of the National Economic and Social Development Board (NESDB). However, the global economic slowdown, particularly in China, will have greater adverse effect on the country’s exports than previously expected
The forecast was based on the growth in the third quarter. NESDB deputy secretary-general Porametee Vimolsiri stated that the economic growth in the third quarter of this year rose from 2.8% the previous quarter to 2.9%.
He attributed the growth to greater government spending and investment.He then forecast that this year’s average growth was likely to stand at 2.9%, an increase from 0.9% last year, the highest growth in three years.
The NESDB deputy secretary-general said factors contributing to the growth was tourist arrivals which was expected to be over 30 million this year.
The government’s economic stimulus measures also contributed to the growth as it would also result in greater household consumption and investment.
He said economic growth for next year was expected to be 3-4%, mainly due to the government’s economic stimulus measures, expansion in the tourism industry, as well as the recovery of the global economic situation.