The Joint Standing Committee on Commerce, Industry and Banking forecast this year's economic growth at 3.5-4% after the country enjoyed a 7.8% growth in exports the the first half of this year.
Predee Daochai, the chairman of the Thai Bankers Association, and chairman of the committee, said that the economic growth this year will be able to rise to 3.5 -4% after the country enjoyed export growth of 7.8% in the earlier part of the year.
He said even though the economies of the Thailand's major trading partners have improved significantly, major local concerns such as low agricultural prices, the slowdown in budget disbursements and the drop in industrial sector confidence has forced the Joint Standing Committee on Commerce, Industry and Banking to peg 2017 GDP growth to 3.5 -4% and inflation at 0.5 -1.5%.
With regards to the current flood crisis, the Joint Standing Committee on Commerce, Industry and Banking is rushing to survey the economic damage and preparing aid packages and donations for flood victims.
They however viewed that the effects of this year's flood crisis should be minimal as the flooding is not wide spread and has dissipated comparatively quickly therefore national economic growth should not be unduly affected.
In another development, the Thai National Shippers Council (TNSC) has adjusted its 2017 export growth forecast to 5% from the previous 3.5%.
According to the TNSC, Thailand's exports continued to perform strongly with exports for June amounted to US$ 20.282 billion. This represents an improvement of 11.7% for the same period over last year.
Council chairperson Ghanyapad Tantipipatpong said that these improvements in the export sector can be attributed to the continued improvements in the economies of Thailand's major trading partners and the ever growing preference for goods produced in Thailand.
Source: Thai Public Broadcasting Service (Thai PBS)