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BANGKOK: Thailand’s finance ministry on Monday raised its economic growth forecast for this year to 4.2 percent from 3.8 percent, and also raised its estimate for exports, an official said. Exports, a key driver of Thai growth, should increase 6.6 percent this year, compared with the 5.7 percent predicted in October, ministry spokeswoman Kulaya Tantitemit told a news conference.Southeast Asia’s second-largest economy will mainly be driven by government spending and large public infrastructure projects this year, she said. Economic growth in 2017 is now estimated at 4.0 percent – which would be the fastest pace since 2012 – and compared with the 3.8 percent the ministry projected three months ago, due mainly to stronger exports and tourism, Kulaya said. Official 2017 gross domestic product (GDP) data is due on Feb. 19. The economy expanded 3.2 percent in 2016, still lagging regional peers. In December, the Bank of Thailand raised its economic growth forecasts for both 2017 and 2018 to 3.9 percent from 3.8 percent. Kulaya said the strong baht , which is hovering at its highest level in more than 4 years against the dollar, should have only a little impact on exports because the economies of its trading partners are still showing solid expansion. The baht has appreciated by 4 percent so far this year, the second-most among Asian currencies.
