According to Standard Chartered Bank of Thailand, its resilient fundamentals could serve as the shield for Thailand’s economy amidst the policies of the new American president and the ongoing political uncertainties in Europe. Thailand has strong fundamentals that include accelerated government investment, low government debt, strong tourism, improved exports and the easing of the household debt burden.
According to Standard Chartered Bank, Thailand’s gross domestic profit is expected to rise by 3.5% in 2017 and then increase to 4.5% in 2018 and 5% by 2019. The Thailand branch of Standard Chartered, led the Global Research Briefing 2017 seminar to share its current perspectives on current economic trends and forecasts for the foreign exchange markets and global economy in 2017.
Usara Wilaipich, a senior economist of the bank, said that the Thai government could possibly play an increasing role in driving economic growth and in enabling Thailand to tackle uncertainties in global economy.
Meanwhile the government of Thailand has plans to accelerate the execution of transport projects. Based on the estimates of Thailand’s Fiscal Policy Office, investments of state-owned enterprises could increase to 257 billion baht in 2017 from the previous 66.50 billion baht in 2016. Domestic consumption is expected to rise to about 3%.
The Cabinet has recently approved a supplementary budget worth 190 billion baht for 2017 and hopes that this will boost private investments. Investments from the government are expected to increase by 12.9% this year compared to 2016. Government investments by 2019 are anticipated to reach 550 billion baht. Exports may improve but more likely to underperform.
Asian foreign strategists say that the US dollar will further appreciate this year because of the US monetary easing and fiscal stimulus packages; however, the baht is also expected to appreciate and continue with some easing on volatility compared to other global currencies.
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