BANGKOK: Domestic car sales are forecast at 800,000 units next year, up from an earlier estimate of 780,000, thanks to the recovering economy and the expiry of the five-year lock-up period for vehicles bought under the first-time car buyer scheme. Surapong Paisitpatanapong, a spokesman for the Federation of Thai Industries (FTI) automotive industry club, said domestic car sales are expected to rise by 6.7% in 2017 to 800,000 units, marking an increase for the first time in four years after shrinking sales since 2013. The FTI last month predicted a 4% rise in sales in 2017.
The estimate for this year is 750,000 cars. Mr Surapong cited the World Bank’s latest positive forecast on Thailand’s 2017 economic growth. The World Bank on Monday increased its forecast on Thailand’s 2017 economic growth. The World Bank on Monday increased its forecast for Thai GDP growth by 0.1 percentage point to 3.2% next year, anticipating a pickup in exports because of the US economic recovery. The global lender sees exports of goods and services rising by 1% in 2017, up from the 0.4% growth predicted for this year. Nonetheless, the World Bank projects GDP to grow by 3.1% in 2016, lower than the Bank of Thailand’s and the Finance Ministry’s forecasts of 3.2% and 3.3%, respectively.
