Thai economy to grow at 5.6% this year

BANGKOK, July 17 (TNA) - The University of the Thai Chamber of Commerce says the Thai economy should grow at 5.6% this year and Thai exports by 8.7%. Director of the university’s Economic and Business Forecasting Centre, Thanawat Polvichai, says the Thai economy expanded by 4.4% in the second quarter of this year, compared with its 0.3% growth in the first quarter. As the Thai economy is gaining momentum, he believes economic growth will improve in the second half of this year, and the Thai economy should expand by 5.6% throughout this year. This will result mainly from increased public and private spending, as well as government stimulus plans, which include salary and wage hikes, and the tax rebate for first-time home and car buyers. Regardless, he says rising oil prices and the global economic recovery from the debt crisis in Europe are still of major concern. (TNA)