Thai PM orders review of GDP forecast — Bangkok Post

Thai Prime Minister Anutin Charnvirakul has instructed the Office of the National Economic and Social Development Council to review the country’s GDP growth forecast following improvements in key economic indicators. As Bangkok Post reports, the head of government said that economic growth this year will certainly exceed the previous estimate of 2.1%.

Investment and exports

According to Charnvirakul, foreign investment in the first half of the year was already 30% higher than for the whole of last year. Exports, he said, increased by more than 20%, while in certain periods the growth rate approached 25%.

The prime minister also pointed to rising employment and revenue from corporate income tax and personal income tax. In his view, government stimulus measures helped boost the circulation of money in the economy.

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Forecast revision

Charnvirakul said that a review of the National Economic and Social Development Council’s calculation methods, data and assumptions showed an improved assessment. The revised forecast is still being developed following consultations with the Thai Chamber of Commerce, the Federation of Thai Industries and other business groups.

According to the prime minister, the pace of economic growth is important for investor confidence, as the perception of Thailand as a country with low growth rates may limit investment opportunities. He also stressed that the country must compete for investment through its workforce, transport infrastructure, logistics, domestic market and regional production chains, rather than only cheap labor or electricity.