(09/01/2013)
 Secretary-General
of the Office of the National Economic and Social Development Board
Arkhom Termpittayapaisith has cited three factors that will help drive
the further growth of the Thai economy in 2013.The three factors include continued private sector consumption, more investment, and improved exports. Mr. Arkhom believed that the Thai economy would grow by 5.5 percent in 2013. One of the reasons is that the people’s purchasing power has continued to increase from 2012, and demand for consumer goods is growing. The Board of Investment has reported that investment value in Thailand increased significantly in 2012. The investment situation is expected to continue in 2013, when production capacity returns to normal after the flood crisis in late 2011. Apart from the growing private sector investment, public sector investment is likely to increase, as well, since the Government will invest more in water management. The budget for long-term water management has been set at about 300 billion baht. Moreover, Mr. Arkhom said that investment in infrastructure development would also spur the Thai economy in the future. As for the export situation, he said, Thai exports are expected to grow by 9 percent. The eurozone debt problem would ease, and Thailand is likely to export more to Europe. Concerning the Government’s major investments, Deputy Prime Minister and Finance Minister Kittiratt Na Ra-Nong stressed the need for investment in mega-projects to cope with the growing economy. He referred to the Government’s large investment projects in developing the Eastern Seaboard 30 years ago, which have turned Thailand into a production base and generated enormous employment. Investment today would prepare the country for the future. For example, it would enhance Thailand’s competitiveness. The Government would ensure that such investments would be worthwhile. Mr. Kittiratt cited 2013 as the year for adjusting the balance of the Thai economy. He said that, in the past, Thailand depended heavily on exports to drive the country’s economy. Today exporting has become more difficult, since purchasing power in major economies has dropped. Therefore, Thailand must try to increase its domestic purchasing power. An increase in the income of workers is considered one way to boost domestic purchasing power. Then Thailand would be able to reduce its dependence on exports, as more of its products could be sold within the country. According to Mr. Kittiratt, in the 2014 fiscal year, which begins in October 2013, the Government will increase efficiency in public sector investment. More investment projects would be submitted to the Cabinet for approval, which would help spur the overall Thai economy, and the adjustment of the economic balance would bear fruit by then. He believed that the Thai economy in 2013 would be as healthy as it is in 2012. |
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