GDP growth of 4-5% predicted in 2015

Deputy Prime Minister Pridiyathorn Devakula expects the Thai economy to grow by 1.6-1.9% this year and 4-5% next year as the government is speeding up its investment and the global economy is picking up. 

Deputy Prime Minister MR Pridiyathorn Devakula, right, shares his economic views at the AEC+3 Summit & Expo 2014 at Centara Grand & Bangkok Convention Centre at CentralWorld in Bangkok on Monday (photo by Pattarachai Prechapanich)

Speaking at the Asean Economic Community+3 Summit and Expo 2014 that the Department of International Trade Promotion and Kasikorn Bank organised on Monday, MR Pridiyathorn attributed the expected growth of only 1.6-1.9%  for the full year to past political problems, the slowdown of the global economy and trading partners' economies, and delayed government investment.

Under the circumstances, MR Pridiyathorn said, he was satisfied with the 1.6-1.9% growth rate. The government was stimulating the economy by quickly spending 23 billion baht on job creation projects and offering financial aid to rice growers.

Next year, he predicted the national economy would grow by 4-5% as, he said, the government  would invest considerably in infrastructure development, especially in double track and electric railways in the greater Bangkok area, and exports would improve due to the global economic recovery.

MR Pridiyathorn said the government would not implement populist policies, especially those concerning energy.

The government was gradually cutting its subsidies for energy prices to make them reflect market mechanisms. The reduction process would take a year and followed continuous periods of subsidies during the tenures of the past three governments, he said.

Source: Bangkok Post