Robust domestic demand and unexpected export growth have helped Thailand's economy to expand by 4.9 per cent in the first nine months of this year, up from a dismal 1.7 per cent in the same period last year, the Thai government said yesterday.
The National Economic and Social Development Board (NESDB), the central planning agency, said it was revising upwards its economic growth forecast for the full year to 4.9 per cent from its earlier estimate of 4-4.5 per cent, due to higher-than-expected consumption, exports, and investments in the construction sector.
Thanomsri Fongarunrung, economist at Merrill Lynch Phatra Securities, said: “We are revising upwards our growth forecast to match the NESDB's forecast, as we had earlier underestimated that exports would grow only 2 per cent, but now we think exports will grow closer to 6 per cent this year.”
