JSCCIB raises view for GDP growth to 3.7-4% 

However, risks exist from external events could prompt money-market volatility, particularly for the baht, the committee said after its members met yesterday. Of these risks, it cited political developments in the United States, Germany and Japan, and tensions on the Korean Peninsula.
The peak grouping of private-sector bodies increased its estimate for this year's export growth to 6.5-7.5 per cent from its previous projection of 3.5-4.5 per cent. The revision was influenced by a better than expected performance for the first eight months of this year and optimism over the improving economies of Thailand’s trading partners, said Chen Namchaisiri, chairman of the Federation of Thai Industries said after the JSCCIB meeting.
He said the Eastern Economic Corridor (EEC) Act also creates more confidence for both domestic and foreign investors to expand their investments in the flagship development zone.
“Prime Minister Prayut Chan-o-cha’s visit to the US has also boosted confidence among foreigners for investment in Thailand because the government can provide more information about the country’s policies to drive the country’s economy and on the roadmap for the next election,” he said.
The Thai National Shippers' Council (TNSC) also forecasts growth in exports of at least 6 per cent this year. 
Ghanyapad Tantipipatpong, TNSC chairman, cited the 8.9 per cent year-on-year expansion, to US$153.62 billion, for the first eight months of this year. The August rise was 13.2 per cent year on year, to US$21.22 billion.
The stronger performance from Thai exports is owed to the global economic expansion and a shift in the mix of Thai products – particularly from electrical appliances and electronics items to a digitalisation trend, she said. Also helping were higher commodity prices.
According to the TNSC, the risks to export growth extend from an appreciating baht and the emergence of trade barriers overseas to obstacles on the logistics front and developments on the Korean Peninsula amid tensions over Pyongyang’s nuclear programme.
The baht has continued its appreciation, with short-term volatility in light of expansion in Thailand's tourism and exports, speculation and high foreign direct investment and surpluses in its current and trade accounts.
In regard to logistics, Thailand faces a shortage of containers and had been hit by the cancellation of some ship services during China's golden week holding, ending on October 6, as well as shippers' efforts to raise their ocean freight charges, which could raise the cost of Thai exports in the fourth quarter.
Ghanyapad also said that new customs legislation, which will take effect on November 13, should be monitored closely for its possible impact on the manufacturing sector's management of imported raw materials and for any signs of Thai investors seeking out tax privileges in neighbouring countries.
The legislation on the revision in excises should also be closely followed up for its impact on imports and exports in terms of costs and the adjustment period, while a draft bill on water management raises the spectre of an effect on the supply chains of manufacturers and exporters, she said.
Another key follow-up issue is the government’s policies to promote investment in the EEC, Ghanyapad said. 
According to the JSCCIB, this year's estimate for inflation has been revised down to 0.5-1 per cent from a prior estimate of 0.5-1.5 per cent. Although consumer prices may inch up in the last quarter of this year, inflation is expected to stay below 1 per cent for the whole year.