By Thai Newsroom Reporters
THAILAND’S GROSS DOMESTIC PRODUCT is forecast to rise 3.8% next year partly due to the Pheu Thai-initiated digital wallet campaign, the Bank of Thailand’s assistant governor Piti Disyatat said today (Nov.29).
Without the much-heralded digital wallet project under which a sum of 500 billion baht will be spent up by an estimated 50 million people in a six-month period, the GDP would only rise 3.2% next year, according to the central bank’s assistant governor.
The predicted 3.8% growth in the national economy will be in part attributed to the populist handout campaign scheduled to kick off in May where all Thai nationals aged 16 years and over can purchase merchandise in the boundaries of their home district via the digital wallet.
The Pheu Thai-led government is yet to introduce legislation to borrow the total 500 billion baht in loan either from domestic financial sources or foreign ones to cover their digital wallet campaign.
However, Piti said, GDP is forecast to drop to 3.1% in 2025 after the digital wallet campaign will have been implemented nationwide next year.
Prime Minister Srettha Thavisin has repeatedly confirmed that the populist handout campaign will not only promote domestic consumption and stimulate local economy on a short-term basis but considerably boost the country’s GDP in the long run.
Meanwhile, the central bank’s assistant governor said a total of 28.3 million foreigners are forecast to visit Thailand throughout this year and the number is predicted to rise to 34.5 million and 39 million throughout next year and 2025 respectively.
Exports are predicted to decline 1.5% whilst imports are forecast to drop 1.8% this year but exports are calculated to increase 4.3% and 3.3% whilst imports are projected to rise 5.7% and 2.9% next year and in 2025 respectively, he said.
Inflation is forecast at an average of 1.3% this year and to rise to 2% and 1.9% next year and in 2025 respectively, he said.
CAPTIONS:
Top: Bank of Thailand logo and signage. Photo: Thai Rath
Insert and Front Page: Bank of Thailand’s assistant governor Piti Disyatat. This page photo: Matichon, Front Page photo: Thai Rath
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