BANGKOK, 21 August 2018 (NNT) - The University of the Thai Chamber of Commerce (UTCC) forecast the Thai economy will grow by 4.5-5% throughout this year.

UTCC's Center for Economic and Business Forecasting (CEBF) Director Thanawat Ponvichai said the Thai economy throughout this year has shown signs of a good recovery, given better public awareness and better distribution of incomes, with the growth in the first half of 2018 accounting for 4.8% due to the better performing export sector which is likely to achieve 8% growth throughout this year.

The growth in the first and second quarters was attributed to the recovering tourism sector which helped boost the economic growth in many provinces, while the increased farm product prices brought more incomes to the farmers.

The economic growth for the latter half of 2018 is expected by no less than 4.2%, according to the UTCC, with the likelihood of the growth extending to 4.5-5% if the export sector performs well, the global economy continues to recover, the number of tourists increases, farm product prices increase, and the government speeds up the disbursement of funds for the implementation of its projects.

The CEBF chief said the current flooding does not seriously affect tourism and industrial areas or the national economy as a whole and will not develop into a big risk factor.

He added many factors need to be closely monitored, including the global economic situation, the trade war between the United States and China, the Turkish currency crisis, and the inflated oil prices.

National News Bureau Of Thailand | UTCC forecasts 4.5-5% economic growth throughout this year