TMB Bank expects only slight improvement in GDP growth
OVER-DEPENDENCE ON tourism and state spending as economic drivers means growth this year will not be robust, according to TMB’s head of capital markets, Saranya Phuphatana.
This is because tourism and public spending together account for only 24 per cent of gross domestic product, while private consumption and investment – both of which remain sluggish – account for 71 per cent of GDP.
Last year’s GDP growth has not been officially announced yet, but TMB expects it to come in at 3.3 per cent. Even though the economy is on an upward trend, the bank does not expect 2017 growth to be much better, at 3.5 per cent, Saranya said.
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