Bangkok: In a seminar held in Bangkok on Monday, the Bank of Thailand (BoT) governor said he predicts the Thai economy to expand by 2.8 percent next year as a result of government budget disbursement and investment in mega infrastructure projects.
"The economic growth rate would be higher at 2.8 per cent, comparing to 2019's GDP at 2.5 per cent," said BoT governor Veerathai Santiprabhob, "The 2020 budget bill would pass the parliament, megaprojects are already making progress so as many investment projects; also 5G communication networks will begin and projects related to financial institutions will emerge."
The governor said Thailand could do better than a 2.8 per cent growth projection.
The Thai economy actually had potential to grow by 3.5 to 4 per cent next year, he said.
Veerathai also cautioned that next year would see major changes including the growth of the aging society, climate change and technological development.
"Thailand should source products for elderly people," said Veerathai, "We should also find ways to improve farm products as climate change would reduce the productivity of the major food sources in the world."