BANGKOK, 20th October 2017 (NNT) - The Bank of Thailand (BoT) has disclosed that the World Bank and the International Monetary Fund (IMF) are urging countries worldwide to reform their economic structures, as the global economy has begun to improve.
According to BoT Governor Veerathai Santiprabhob, the recent 2017 World Bank Group-IMF Annual Meeting in Washington D.C. concluded that global economic growth could now be seen, not only in major industrial nations, but also in many countries across the globe.
These include all countries in the European Union and emerging markets elsewhere. The world economy is likely to grow 3.6% this year and 3.7% in 2018 due to rising global trade growth, which has also surpassed global Gross Domestic Product (GDP).
The BoT Governor however, cautioned that emerging economies could be affected by major industrial countries’ decision to raise their interest rates and the new North American Free Trade Agreement (NAFTA) which may not be as open as it used to be.
He said every country should take advantage of the growing global economy and adjust their economic structures to soften the impact of future unpredictable external shocks.
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